PayPal’s Venmo enables crypto services

Venmo now allows its users to buy, hold and sell cryptocurrency.

PayPal’s social payment app Venmo is the latest app to hop onto the crypto train. From today, their users will be able to buy, hold and sell crypto within their mobile app.

In an announcement, the company said the service called “Crypt on Venmo” starts to roll out today and will be available to 70 millions customers directly in the Venmo app within the next few weeks.

Similarly to PayPal, the service is backed by their partnership with Paxos, which facilitates the transactions behind the scenes. The feature will support bitcoin (BTC), ethereum (ETH), litecoin (LTC) and bitcoin cash (BCH).

The feature does not come unexpected and was part of the crypto offering rollout by PayPal. According to studies, over 30% of their customers have already started purchasing crypto, 20% of which started during the pandemic.

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