Cryptocurrency trading is coming soon to a Venmo feed near you.
PayPal Holdings on Tuesday will begin allowing select customers of its Venmo app to buy, sell and hold cryptocurrencies, as consumers increasingly look for ways to invest in digital assets. The firm said it will make the service available to all the app’s users—more than 70 million—in the next few weeks.
For now, Venmo is allowing customers to trade in just four types of cryptocurrency: Bitcoin, Ethereum, Litecoin and Bitcoin Cash. Users will have the ability to share their crypto purchases on the Venmo feed.
“We do think some customers will certainly want to share this fun experience,” Darrell Esch, senior vice president and general manager of the Venmo app at PayPal, said in an interview. “They can share with their friends and community that they’ve taken the step into this space.”
PayPal has been adding new features to its PayPal and Venmo apps as the payments giant seeks to become a one-stop shop for consumers’ financial needs. After adding the ability to buy, sell and hold cryptocurrencies to its PayPal app, the company saw customers who used the feature begin signing into the app at twice the rate they previously did.
Because Venmo’s customer base skews younger than the traditional PayPal user, the company is planning to debut a series of videos with the new offering to make sure clients are educated about their purchases.
“Crypto is volatile—any crypto you buy can rise and fall in value, sometimes pretty quickly,” according to one such video, Crypto vs. Stock. “It’s important to tread carefully.”
There are signs Venmo users are already taking the plunge into cryptocurrency trading. The value of many of the biggest digital currencies has soared in recent months. In one survey of 2,200 Venmo users, the company found that almost a third have started purchasing cryptocurrencies or stocks.
“We think that the timing is right for this,” Esch said. “Our goal here is to provide customers with a really easy-to-use way to learn about and experience ownership of crypto from a trusted platform.”
"allow" - Google News
April 21, 2021 at 12:07AM
https://ift.tt/3sBccIE
Venmo to allow customers to buy, sell and hold cryptocurrencies - Crain's New York Business
"allow" - Google News
https://ift.tt/2KTEV8j
https://ift.tt/2Wp5bNh
Bagikan Berita Ini
0 Response to "Venmo to allow customers to buy, sell and hold cryptocurrencies - Crain's New York Business"
Post a Comment