Payments giant Venmo is introducing crypto to its 70 million users. The PayPal-owned platform will now allow people to buy, hold and sell four leading cryptocurrencies via its mobile app, starting today.
In another game-changing announcement set to fuel mainstream crypto adoption, Venmo has outlined how its millions of users will be able to participate in the cryptosphere by supporting access to the industry’s two largest currencies – Bitcoin and Ethereum.
The popular consumer-facing app will allow participants to broadcast their crypto transactions on their Venmo social feeds. The app will also support Litecoin and Bitcoin Cash, the ninth and tenth largest cryptocurrencies by market capitalization. However, users will not yet be able to send crypto payments to one another.
To tackle the steep learning curve that has slowed the adoption of Bitcoin and its numerous cousins, Venmo is also producing in-app guides and explainer videos for crypto newbies.
Darrell Esch, senior vice president and general manager of Venmo, adds,
“No matter where you are in your cryptocurrency journey, crypto on Venmo will help our community to learn and explore cryptocurrencies on a trusted platform and directly in the app they know and love. Our goal is to provide our customers with an easy-to-use platform that simplifies the process of buying and selling cryptocurrencies and demystifies some of the common questions and misconceptions that consumers may have.”
PayPal began supporting cryptocurrencies last year and announced last month that it planned to expand its offerings via Venmo.
The growing crypto industry continues to attract new users, including retail and institutional investors, pushing the total market cap of the asset class past $2 trillion earlier this month.
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Featured Image: Shutterstock/Dmytro Zinkevych