Venmo Launches Crypto Support to Cater for Widespread Adoption

The Venmo application will now allow users to make transactions using cryptocurrency. This new feature will make it easy for users to own cryptos like Bitcoin, Ethereum and more.

By
Utulu Hope
on
April 23, 2021
Category:
Blockchain News


Introduction 

Presently, cryptocurrencies have gained massive interest from a lot of individuals. Experts and beginners alike have ventured into crypto investments, with a large proportion holding multiple different crypto assets. Many financial firms have begun to support cryptocurrencies amidst its widespread adoption, and the latest to join the growing list is Venmo


Significance of Venmo Adding Cryptocurrency

In line with the high rate of cryptocurrency interest, Venmo will now offer users a platform to buy and sell cryptocurrencies on its application. In a statement released on the 20th of April, 2021, the company disclosed that they had created a new payment option allowing users to buy, hold, and sell cryptocurrencies. 

According to the PayPal-owned digital payments application, its users can now make transactions with four different cryptocurrencies — Bitcoin, Litecoin, Bitcoin Cash, and Ethereum. Users can also hold a stake of $1 and share their crypto purchases on their feeds. Senior vice president and general manager of the company, Darrell Esch, was quick to laud the recent development. He stated that the presence of crypto on Venmo would help users learn and explore digital currencies worldwide via the Venmo app. He also added that Venmo is a trusted platform, and users can rest assured that their crypto assets are safe. 

The new feature will not only manage users' cryptocurrencies but will also teach users how to use them. This means that Venmo will provide an in-app guide that shows how cryptocurrencies work. 


About Venmo

Source

Venmo is an application that was launched in 2009. It promotes fast, safe, social payments between friends. With over 60 million users, Venmo can be used anywhere across the globe as a form of payment just like PayPal, Skrill, Payoneer, and many others. With Venmo, users can connect with brands and businesses with just a few swipes.


Closing Thoughts

Recently, cryptocurrencies like Bitcoin have gained legitimacy as investors prove their trust of the tokens. As such, many companies accept it as a form of payment. Notable companies like Paypal and Tesla have supported the use of cryptocurrencies. The former announced last month that it would allow users to pay for goods at checkout using digital currencies, while the latter plans to accept Bitcoin as a form of payment. This and many other events show that cryptocurrencies have evolved, meaning Venmo's new crypto support is no surprise. It is a welcome development in the crypto market space, opening it up to even more potential new users.

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Utulu Hope

UC Hope is a passionate fan of crypto who could weave the latest event into sparks of inspiration and information. He leaves no stone unturned to get to the core of a story. Aside from writing, he spends his hours poring over algorithms and protocols, preparing for a future career as a computer programmer.