PayPal is introducing yet another feature regarding crypto. The online payment company introduced today Crypto on Venmo.
Thanks to this new service launched by PayPal on Venmo, users will be able to purchase, hold and sell digital currencies with $1 worth of crypto. They will also have the opportunity to have access to videos, trends, and guides related to cryptocurrencies.
This feature will significantly simplify their trading experience while also helping them answer some frequently asked questions. (Read more about the announcement here)
“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.”
Introducing Crypto on Venmo
The new feature of the application became possible thanks to the collaboration with Paxos, which will serve as a liquidity provider. PayPal is unraveling the service today, but it will be accessible from Venmo users after a few weeks, possibly within May.
But what is Venmo?
Venmo is a mobile payment application owned by PayPal that allows its users to transfer money to each other. The company, headquartered in New York, was founded in 2009, and it is only available in the United States.
PayPal and its approach to crypto
PayPal is implementing services related to cryptocurrencies for quite some time now.
In October 2020, the company allowed its US customers to trade digital assets like Bitcoin, Ethereum, Litecoin, and Bitcoin Cash on its platform.
Yesterday, Hannah Qiu, the China CEO for PayPal, told CNBC that the firm is thinking of launching a digital wallet that will concentrate on cross-border payments.
“Our future business is mainly on cross-border transactions. Our value is more from overseas. In our overseas market, there are over 377 million individual users and over 20 million corporate users.”
Qiu said for CNBC.
You can read more about PayPal’s news related to digital currencies in our other articles:
PayPal to start accepting Bitcoin for merchandise
PayPal associated with $500m bid for Curv
One of the most important reasons cryptocurrency isn’t used for everyday commercial purposes is its continuous volatility. PayPal is very confident that the services it’s providing will change that.
