PayPal mobile app enables selling, buying and holding of cryptocurrency

The Venmo mobile payment application owned by PayPal Holdings recently announced that it has started allowing its users to sell, buy and hold cryptocurrencies on its platform.

The development is being viewed as a significant step in the mainstream adoption of cryptocurrency.

Beginning last April 20, the mobile application management said that they will show their users a new feature that enables them to invest in different digital currencies that include Bitcoin, Ether, Bitcoin Cash, and Litecoin for as little as $1 with the transactions recorded on the app’s feed.

Venmo’s modest goals

In a Blockchain.news article, Venmo Senior Vice President and General Manger Darrell Esch said the company’s objective is “to provide customers with an easy-to-use platform that simplifies the process of buying and selling cryptocurrencies.” Esch said they also hope to  “demystify” some of the common questions and misconceptions that consumers may have.

A customer survey conducted by Venmo team revealed that in 2020, 30% of its customers have bought digital currencies or equities and 20% of them started their purchase during the COVID-19 pandemic.

The mobile application has a customer base of over 70 million users, easily making it one of the most popular payment applications in the United States.

Cryptocurrency targeted as business opportunity

The US payment giant PayPal has recently become one of the most active financial companies to be involved in cryptocurrencies.

As a matter of fact, in October last year, the company allowed its users to hold, sell and buy crypto assets in its digital wallets, and last month, it started allowing users to spend their digital currencies at millions of merchants globally. This year, PayPal customers are also set to have cryptocurrency services.

It only serves as proof that a growing number of businesses see cryptocurrency as a good fit for their ventures.

 

Image courtesy of Tech Insider/YouTube

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