Paypal-owned online payment processing platform Venmo announced that it has added cryptocurrencies support which would allow users to buy, sell and hold cryptocurrencies.
Venmo users will get to choose between Bitcoin, Ethereum, Litecoin, and Bitcoin Cash.
Venmo users can also hold a stake in cryptocurrency starting with as little as $1 and share it on their social media feeds.
“We do think some customers will certainly want to share this fun experience. They can share with their friends and community that they’ve taken the step into this space,” said Darrell Esch, senior vice president, and general manager of Venmo.
The crypto integration features of Venmo would be facilitated by the parent company PayPal in cooperation with the popular crypto platform Paxos.
The crypto services of Venmo would be available as of 4/20/2021 and would be available to most users within a week.
“We think that the timing is right for this. Our goal here is to provide customers with a really easy-to-use way to learn about and experience ownership of crypto from a trusted platform,” said Esch.
The decision to add crypto trading support comes after Venmo conducted a survey back in October 2020 about cryptocurrencies.