Venmo is releasing a feature that allows users to store, buy and sell popular cryptocurrencies, PayPal announced Tuesday. Like PayPal, Venmo supports four different cryptocurrencies: Bitcoin, Ethereum, Bitcoin Cash and Litecoin. PayPal had said last year that Venmo would receive support for cryptocurrencies.
You can get started with just $ 1, and transactions are managed from the app. Venmo said in a press release that it will start rolling out the feature to some users today, and says The edge it expects that “most customers” will be able to access cryptocurrencies in the app by the end of May.
Venmo’s support for cryptocurrencies could encourage more people to invest in them. PayPal reported in 2019 that Venmo had 40 million usersSince the app works as a social network, users can find cryptocurrency more approachable if they can watch their friends buy and sell directly in Venmo.
Venmo is the latest payment app to support cryptocurrency. PayPal allowed users to buy, hold and sell cryptocurrency through the PayPal app in November and added the ability for US users to make cryptocurrency purchases at the end of March. And Venmo and PayPal competitor Square launched support for Bitcoin in their Cash app in 2018.