Venmo Built Crypto Trading Into Its Payments App

It's the latest payments company to offer crypto trading following parent PayPal and rival Cash App.

By S. Shah

This story originally appeared on Engadget

With Bitcoin charging into the mainstream, an increasing number of established payment providers are embracing cryptocurrency. Today, PayPal-owned Venmo is opening crypto trading by offering members the ability to buy, hold and sell Bitcoin, Ethereum, Litecoin and Bitcoin Cash. Venmo users can purchase a digital asset starting from $1 using funds from their balance or a linked bank account or debit card. Members will also be able to track prices and access in-app guides and videos to learn about virtual money.

Related: 5 Lessons Venmo's Co-Founder Learned While Building a Twice-Acquired Company

The move sees Venmo following in the footsteps of Square's Cash App, which introduced Bitcoin trading in 2017, amid a spike in demand for cryptocurrency. Venmo says that 30 percent of its customers have already started purchasing crypto or equites, 20 percent of which began during the pandemic. But, with Venmo itself lacking a trading option until now, those users would have inevitably been forced to make those investments elsewhere. Cash App, for instance, recently noted that 3 million people bought Bitcoin through its service in 2020 and 1 millon who were new to the digital currency did so in January alone.

Venmo's parent has also made its own inroads into crypto. After opening trading to US customers last November, PayPal began allowing users to pay with cryptocurrency in March. Crypto on Venmo is rolling out today and will be available to customers in the app over the next few weeks.

Related Topics

Editor's Pick

The Dark Side of Pay Transparency — And What to Do If You Find Out You're Being Underpaid
Thinking of a Career Change? Here Are 4 Steps You Can Take to Get There.
A Founder Who Bootstrapped Her Jewelry Business With Just $1,000 Now Sees 7-Figure Revenue Because She Knew Something About Her Customers Nobody Else Did
Everything You Need to Know About Franchise Law
Collaboration

The Only Woman in the Room? That Was Me. Then I Built a Network of Career-Boosting Champions and Everything Changed.

There's an inspirational network of smart women and allies all around us. We just have to be smart about finding them. Here's how.

Starting a Business

How To Sell on Etsy in 2023: A Comprehensive Guide

Want to start selling your handmade goods online? This article outlines how to start and grow your business using Etsy.

Science & Technology

4 Reasons Low-Code Tools Will Never Replace Software Developers

While low-code tools have become a go-to solution for companies and businesses, they'll never replace developers. Here's why.

Business News

'Crying Northwestern Kid' Turned His Viral Fan Moment Into a Successful Harvard Admissions Essay. He Says the Experience Taught Him About Empathy.

Six years ago, Phillips was watching No. 8 Northwestern take on No. 1 Gonzaga during March Madness when he became a meme.