Paypal’s sister company, Venmo, has opened the doors to cryptocurrency capabilities for its over 70 million users.
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Venmo Dips its toes into Crypto
Venmo now allows users to invest in Bitcoin, Ethereum, Litecoin, and Bitcoin Cash via a new feature dubbed “Crypto on Venmo.” Users can buy, hold, and exchange crypto worth as little as $1 on the app.
The payments application also added in-app guides and tutorials for cryptocurrency education.
The senior VP and general manager at Venmo, Darrell Esch, said: “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.”
PayPal first launched the service on its global web and mobile application service in October last year. Recently, the payments giant also moved to fund purchases using cryptocurrencies.
Crypto on Venmo will also utilise Paxos Trust Company for Custodianship and PayPal’s so-called “first-of-its-kind conditional Bitlicense by the New York State Department of Financial Services (NYDFS)” to offer crypto investments.
Traditional Payment Providers Fund Ethereum Development
Earlier in April, it was revealed that payment giant MasterCard was part of a funding round for Ethereum-focused Software firm ConsenSys, helping to raise $65 million. JPMorgan was also a major contributor, among various investment firms, showing a change of heart in old-school institutional temperance towards cryptocurrencies.
Along with Bitcoin, blue-chip cryptocurrencies like Ethereum are increasingly the subject of monetary support in traditional financial circles. On Tuesday, the first ever Ether ETF went live on the Toronto Stock Exchange, opening another avenue to investors to easily gain exposure to the platform.
The total cryptocurrency market cap is above $2.1 trillion at the time of writing. Bitcoin and Ethereum have a total market cap. of $1.04 trillion and $265 billion, respectively, per figures from CoinGecko.
Read More: MasterCard Announces Plans to Support Cryptocurrencies
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