Venmo by PayPal, which is a mobile payment app, is going to let its users purchase, hold and sell digital tokens, including bitcoins. It is definitely one step forward for moving cryptocurrencies into the mainstream.
Starting from Tuesday, Venmo is going to show its users a new feature that will let them invest in four different cryptocurrencies. It includes bitcoin, litecoin, ether, and bitcoin cash. With a minimum of $1 spending requirement, it is going to come into play. The users can also share their crypto purchases with friends through the social feed of Venmo.
The development is now expanding on an initial move for PayPal as it is letting its users buy crypto through its main platform. At the earliest, the company is starting to let people use their crypto holdings to pay millions via its global online merchants.
With 70+ million users, Venmo is now one of the most popular digital payment services in the US. It is particularly very popular among the younger Americans, who are using this app for processing payments or making split purchases with friends and family. It is now competing with the Cash App by Square.
According to Darrell Esch, the senior vice president and general manager of Venmo, no matter where you may belong in your cryptocurrency journey, it will help the community to know, learn and explore cryptocurrencies.
Here is what Esch said:
“Our goal is to provide our customers with an easy-to-use platform that simplifies the process of buying and selling cryptocurrencies and demystifies some of the common questions and misconceptions that consumers may have.”
Bitcoin and other digital currencies are having a surge in price in 2021 with increased interest from institutional investors. On the other hand, major companies like Tesla and PayPal are having more significant moves in the space. Tesla has bought $1.5 billion of bitcoin earlier this year, and now it is accepting bitcoin payments for its cars.
PayPal is now ramping up with its investments in crypto. From the last month, the payment giant is saying that it has agreed to buy Curv, which is a start-up for helping clients store their tokens more securely. It is coming with a new business unit that is much focused on blockchain. And even Curv is all set to join.
Venmo is saying that this crypto feature got developed along with the partnership of blockchain infrastructure firm Paxos.
And PayPal has been using it for other digital asset initiatives too. PayPal received the award of a license for engaging in crypto activities from the New York regulators last year.
As bitcoin bulls are seeing it as a store of value for gold, not everyone is convinced of the stunning comeback of digital currency. It previously sank low up to $3122 in 2018 after climbing $20000 a year earlier. According to skeptical economists, bitcoin is a bubble waiting for a burst.