Mobile payment app, Venmo will now let customers buy and sell bitcoin and other cryptocurrencies, marking the latest effort to make digital tokens more mainstream.
The Paypal-owned Venmo said starting Tuesday it will display a new feature on its app that will let users buy four different cryptocurrencies — bitcoin, ether, litecoin and bitcoin cash — with a minimum spending requirement of $1.
The move build’s on PayPal’s decision to allow users to buy crypto through its main platform and use them to pay online merchants for goods globally.
With more than 70 million users, most of which are younger Americans, Venmo is a natural choice for PayPal to extend its cryptocurrency service.
“No matter where you are in your cryptocurrency journey, crypto on Venmo will help our community to learn and explore cryptocurrencies on a trusted platform and directly in the app they know and love,” said Darrell Esch, a senior vice president and general manager of Venmo. “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.”
Venmo said its crypto feature was developed in partnership with blockchain brokerage firm Paxos, which PayPal also uses for its digital coin initiatives.
Bitcoin and other digital currencies have not only surged in price this year, but they have also been embraced by mainstream companies. Electric car maker, Tesla, for instance, scooped up $1.5 billion worth of bitcoin earlier this year and it now accepts the digital currency as payment for its vehicles.
Visa also allows customers to pay off their credit card bills with cryptocurrency, as major financial firms such as Mastercard, BlackRock and BNY Mellon, have also accepted digital coins. Even some of the big banks like Morgan Stanley and Goldman Sachs have begun allowing clients investments in the emerging asset.