Venmo launches crypto trading and holding feature

venmo crypto trading en

Venmo is the latest payments app that has joined the world of digital assets as it now offers crypto trading. The Paypal-owned company announced last April 20 that they will be launching the new services to all Venmo users worldwide. While the update has already been released, it will take a few weeks for it to reach all users.

With over 70 million users across the world, Venmo’s latest announcement is a step towards the mainstream adoption of cryptocurrencies. Similar to Paypal, they will be supporting the trading process of digital assets such as Bitcoin, Ethereum, Litecoin, and Bitcoin Cash for as little as $1.

Venmo’s Senior Vice President and General Manager Darrell Esch shared in a press release, ‘Crypto on Venmo is a new way for the Venmo community to start exploring the world of crypto, within the Venmo environment they trust and rely on as key component of their everyday financial lives.’

‘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. 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.’

Aside from buying, selling and holding digital assets, Venmo also offers other cryptocurrency-related features in the app. This includes sharing their cryptocurrency journey with fellow Venmo users. With a variety of new custom stickers, people can post updates and developments on their latest transactions on their feed.

Venmo also offers videos and short articles that teach users about crypto and how it works. These videos explain the difference between cryptocurrency from stocks, how blockchain works, how crypto differs from cash, and many more.

In a statement released by Venmo last April 20, it was said that more than 30% of Venmo users are already immersed in trading cryptocurrencies. The number significantly grew during the pandemic as people are looking for investment opportunities.

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