Venmo, a popular online payment processing platform owned by PayPal has joined the growing league of companies adding cryptocurrencies support as the firm announced today it will allow users to buy, sell and hold cryptocurrencies within the app. The crypto integration would open the gates for its 70 million customers to actively track, buy and sell cryptocurrencies.
Darrell Esch, SVP and GM, Venmo commented on their latest decision and said,
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 a key component of their everyday financial lives,”
*PayPal's Venmo Launch of Crypto on Venmo $PYPL
— *Walter Bloomberg (@DeItaone) April 20, 2021
The crypto integration on Venmo would be facilitated by the parent company PayPal in association with the popular crypto platform Paxos. The services would be rolled out today while it would be available to most of the customers within a week.
Venmo Crypto Integration Makes Way For 70M Users
PayPal became one of the first mainstream payment processing giants to integrate crypto support last year allowing US customers to first trade 4 cryptocurrencies within the app and later even opened the gates for crypto payments to all its vendors. The latest Venmo integration would only drive the crypto adoption further as 70 million users get crypto exposure. Venmo’s integration may prompt other online payment processors to look towards crypto as well given the growing adoption rate and hype around the space.
The decision to add crypto trading support comes after the company conducted a survey back in October 2020 asking its customers about their thoughts on cryptocurrencies and understand their demographic, financial, and purchase behaviors have changed over time and how Venmo can help them adapt the new normal. The survey participants gave an interesting insight into their spending and investment where more than 30% of Venmo customers have already started purchasing crypto or equities, 20% of which started during the pandemic.