As companies show more interest in cryptocurrency,Venmo, a mobile payment service owned by PayPal has join the race.The payment platform has revealed that users can now buy, hold and sell cryptocurrencies on its app.
Crypto on Venmo is enabled through PayPal’s partnership with Paxos Trust Company, a regulated provider of cryptocurrency products and services.
Just like PayPal, Venmo will support four different cryptocurrencies: Bitcoin, Ethereum, Bitcoin Cash, and Litecoin, and users can carry out transactions with as little as $1 on the app.
Venmo crypto feature was developed in partnership with blockchain infrastructure firm Paxos, which PayPal has also used for its other digital asset initiatives. financial payment platform was awarded a license to engage in crypto activities from New York regulators 2020.
Venmo is one of the most popular digital payment services in the U.S with more than 70 million users, and has processed around $159 billion in payments 2020.
Paypal, the parent company of Venmo is one of the most active companies in the crypto space as it allows users to buy, sell and hold cryptocurrencies in their digital wallets. Paypal users can also spend their coins at millions of merchants globally.
Bitcoin and other digital currencies have surged in price in 2021 on the back of increased interest from institutional investors, while major companies like Tesla and PayPal have also made significant moves in the space. Tesla bought $1.5 billion worth of bitcoin earlier this year and now accepts it as payment for its cars.