With Crypto on Venmo, customers can view cryptocurrency trends, buy or sell cryptocurrencies, and access in-app guides and videos to answer frequently asked questions and learn more about the world of cryptography. Customers who use crypto on Venmo can choose from four types of cryptocurrencies: Bitcoin, Ethereum, Litecoin and Bitcoin Cash. When making transactions, customers can also choose to share their cryptographic journey with their friends via the Venmo stream.
“Crypto on Venmo is a new way for the Venmo community to begin exploring the crypto world in the Venmo environment they trust and rely on as a key component of their daily financial lives,” said Darrell Esch, SVP and GM , Venmo. “No matter where you are on your cryptocurrency journey, Venmo encryption will help our community learn and explore cryptocurrencies on a trusted platform and directly in the application they know and love. Our goal is to provide our customers with an easy-to-use tool that uses a platform that simplifies the process of buying and selling cryptocurrencies and demystifies some of the common questions and misconceptions that consumers may have. ”
According to the Venmo 2020 customer behavior study1, over 30% of Venmo customers have already started buying crypto or shares, of which 20% started during the pandemic. With the introduction of cryptography on Venmo, the wider Venmo community will now have access to an easy-to-use and intuitive encryption platform to help them participate in the cryptocurrency market. The launch of the feature enhances PayPal’s commitment to educating its customers about the potential of digital currencies as they continue to grow and stimulate the understanding and usefulness of cryptocurrencies on a large scale.
Using Crypto on Venmo
Venmo customers can start their cryptocurrency journey for just $ 1 by clicking “Crypto” in the Venmo menu at the top right of the app. Customers will be able to buy and sell cryptocurrencies using funds from their balance with Venmo or a bank account or a connected debit card. All transactions are managed directly in the Venmo application. Simple, easy to navigate and intuitive, Venmo encryption allows Venmo customers to share their cryptographic experience with their friends if they choose to publish to the Venmo stream.
Crypto on Venmo is activated through PayPal’s partnership with Paxos Trust Company, a regulated provider of cryptocurrency products and services. PayPal also received a conditional Bitlicense of the first nature from the New York State Department of Financial Services (NYDFS), allowing PayPal and Venmo to offer its customers the opportunity to buy, sell and hold cryptocurrencies.
Crypto on Venmo starts launching today and will be available to all customers directly in the Venmo app in the next few weeks. To find out more, visit www.venmo.com/crypto.
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1 In October 2020, we surveyed 2,217 Venmo customers in the U.S. to get a real-time, real-time account of how their demographic, financial, and buying behaviors have changed over time, and how Venmo can help them succeed. adapt to the new normal. The survey was administered through Focus Vision. Responses are weighted to ensure the representation of the Venmo population by age, income, and regional distribution in the United States. |
About PayPal
PayPal has been at the forefront of the digital payments revolution for more than 20 years. Using technology to make financial services and commerce more convenient, accessible and secure, the PayPal platform offers more than 375 million consumers and merchants in more than 200 markets to join and thrive in the global economy. For more information, visit paypal.com.
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SOURCE PayPal Holdings, Inc.
