As bitcoin top-up has become mainstream, a growing number of established payment service providers are using cryptocurrency. Today, Venmo, owned by PayPal, is opening up cryptocurrency trading, offering members the ability to buy, store and sell Bitcoin, Ethereum, Litecoin, and Bitcoin Cash. Venmo users can purchase a digital asset starting at $ 1 using funds from their balance, linked bank account, or debit card. Members will also be able to track prices and access in-app guides and videos to learn about virtual money.
The move suggests Venmo is following in the footsteps of the Square Cash app which introduced Bitcoin trading in 2017 amid a surge in demand for cryptocurrencies. Venmo says 30% of its customers have already started buying cryptocurrency or horse breeding, 20% of which started during the pandemic. But since Venmo had no trading opportunities until now, these users would inevitably be forced to make these investments elsewhere. For example, the Cash app recently noted that 3 million people bought bitcoin through its service in 2020, and 1 million people unfamiliar with the digital currency did so in January alone.
Venmo’s parent has also infiltrated the cryptocurrency. After opening business to US customers in November last year, PayPal began allowing users to pay with cryptocurrency in March. Crypto on Venmo is being launched today and will be available to customers in the app in the coming weeks.