PayPal’s Venmo mobile payment app will now allow users to buy, hold, and sell bitcoin and other digital tokens, potentially paving the way for cryptocurrencies to enter the mainstream.
Venmo will introduce a new feature that will allow users to invest in four different cryptocurrencies — bitcoin, ether, litecoin, and bitcoin cash — with a $1 minimum spend requirement. They can also share their cryptocurrency purchases with their friends via Venmo’s social feed.
The move builds on PayPal’s initial decision to allow users to buy cryptocurrency through its main platform.
“Regardless of where you are on your cryptocurrency journey, crypto on Venmo will help our community learn and explore cryptocurrencies on a trusted platform and directly in the app they know and love,” said Darrell Esch, Venmo’s senior vice president and general manager.
“Our goal is to provide our customers with an easy-to-use platform that simplifies the process of buying and selling cryptocurrencies while also demystifying some of the common questions and misconceptions that consumers may have,” Esch added.
Venmo stated that its cryptocurrency feature was created in collaboration with blockchain infrastructure firm Paxos, which PayPal has also used for other digital asset initiatives.
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