Payments App PayPal 'Venmo' Trading Platform Goes Live.
2021-04-20 | Robin Williams
Now, rival payments firm Venmo, owned by PayPal, is following suit by
launching crypto trading for 4 leading coins: Bitcoin [
BTC], Ethereum [
ETH], Litecoin [LTC], and Bitcoin Cash [BCH].
Payments app Square also made headlines - and dollars - when it integrated Bitcoin trading into its mobile platform back within the cryptocurrency
market of winter 2017.
Starting from Tuesday and set to be widely available within the new few weeks, Venmo’s 70 million+ users will be able to purchase, hold and sell crypto assets directly within the Venmo app. The launch is offering users access to in-app guides
to assist them
to raised navigate the cryptocurrency trading ecosystem
and will encourage them to share their cryptocurrency experiences via the Venmo feed.
Venmo customers will be able to purchase as little as $1 USD worth of cryptocurrency
and might use either fund from their Venmo balance or from a linked
saving account or
debit card and sell their holdings.
Over 30% of Venmo users have already begun
to buy cryptocurrency or equities,
consistent with the firm’s research into 2020 user behavior. Of these, 20% began their purchase within the Coronavirus outbreak, suggesting that
the general public health and concurrent depression has accelerated trends in digitization and experimentation with new financial technologies.
Support for cryptocurrency on Venmo is facilitated via a collaboration with Paxos
trust corporation, a regulated provider of crypto products
like its stablecoin and other services. Venmo owner PayPal
is additionally the holder of a conditional Bitlicense from the exacting
New York State Department
of Financial Services. Conditional licensees,
like PayPal, are required to
pair with firms that have already been granted full-blown licenses - as,
within this case, has Paxos.
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