Venmo has incorporated cryptocurrency trending into its payment app.
The move comes as Bitcoin continues to plunge into the mainstream. The PayPal-owned company will open crypto trading by allowing members to purchase, maintain and sell Ethereum, Litecoin, Bitcoin, and Bitcoin Cash. Venmo users will also be able to buy a digital asset using funds from their available balance or a connected bank account or debit card. Additionally, members can track prices and access in-app educational guides and videos to learn more about cryptocurrency.
Thirty percent of Venmo customers have begun taking advantage of the cryptocurrency features by purchasing crypto and equities. Twenty percent of these purchases took place during the thick of the COVID-19 pandemic. However, at that time, Venmo lacked the trading option, forcing users to make their investments elsewhere. In March, Venmo’s parent company, PayPal, began allowing users to pay with cryptocurrency.
Venmo follows in the footsteps of its competitor, Cash App, which incorporated Bitcoin trading into its app in 2017.
