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.