Venmo launches cryptocurrency trading services

The payment app Square was on the agenda during the bull market in the winter of 2017 by integrating Bitcoin trading into its mobile platform.

Now, PayPal’s rival payment company Venmo is launching trading services for four cryptocurrencies, including Bitcoin (BTC), Ether (ETH), Litecoin (LTC), and Bitcoin Cash (BCH).

More than 70 million Venmo users will be able to buy and sell cryptocurrencies with the Venmo app starting Tuesday. For the new feature, guides that will allow users to better understand cryptocurrency trading will also be provided in the app, and customers will be encouraged to share their cryptocurrency experiences with Venmo.

Venmo users will be able to purchase cryptocurrencies for as little as $ 1 and with Venmo balances, linked bank accounts or debit cards.

According to a study conducted by the company in 2020, more than 30 percent of Venmo customers buy cryptocurrencies or stocks.

Venmo will support the cryptocurrencies through its collaboration with Paxos Trust Company. PayPal, Venmo’s owner, also bought Bitlicense conditionally from the New York Financial Services Department. Conditional license holders like PayPal are required to cooperate with companies like Paxos with full licenses.

PayPal CEO Dan Schulman said in a statement last week that the company aims to support the use of cryptocurrencies in daily transactions and to turn to other features of blockchain technology such as smart contracts.

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