Venmo users will be able to buy, hold and sell various virtual currencies, parent company PayPal announced Tuesday, becoming the latest payment app to embrace cryptocurrencies amid a broader institutional acceptance that could push the once-esoteric offerings into mainstream use.
Like PayPal, Venmo will support four popular cryptocurrencies: Bitcoin, Ethereum, Litecoin and Bitcoin Cash.
Users can “start their crypto journey” for as little as $1, PayPal said, and will have access to in-app guides and videos to help learn more “about the world of crypto.”
The company said it will begin rolling out the feature to some users on Tuesday, but noted it will take a “few weeks” to reach all customers.
Darrell Esch, SVP and GM at Venmo, said the goal is to provide customers with an “easy-to-use platform” that can simplify and demystify the process of buying and selling cryptocurrencies.
PayPal announced its intention to expand its crypto offering to Venmo in 2020. Its endorsement of cryptocurrencies is significant and could help push them into the mainstream, especially as it makes digital currencies more accessible to everyday users and opens up one of the world’s largest digital wallet networks to crypto. Other payment apps are also welcoming cryptocurrencies, including BitPay, a prepaid card that Apple Pay accepted into its wallet in February, and Square’s Cash App.
70 million. This is how many customers Venmo says will be able to buy and sell cryptocurrencies. It’s a significant market that operates similarly to social networks, potentially making crypto feel like a more accessible venture for those who might otherwise be put off. There are also options for users to share crypto transactions on their feed, the company said, which it hopes will help them “share” the crypto experience.
What To Watch
PayPal and Venmo don’t yet support Dogecoin, which began as a “joke” in 2013 and has recently skyrocketed to nearly 40 cents per coin amid huge consumer interest. Enthusiasts have dubbed Tuesday “Doge Day.”