Venmo is a mobile payment service owned by payment platform; Paypal. The company showed its allegiance with cryptocurrency by announcing that it will start accepting cryptocurrency on its platform. Venmo users will therefore be able to buy, hold and sell cryptocurrency on the platform. Venmo, just like Paypal, will support four different cryptocurrencies namely Bitcoin, Ethereum, Bitcoin Cash and Litecoin, with which users will be able to process transactions as low as $1.
Venmo is not new to the fintech scene. It was founded in 2009, has a user base of over 70 million and is one of the most patronized payment platforms in all of the U.S. In 2020 alone, the payment platform processed transactions worth about $160 billion.
Venmo has a more user-friendly feeling/nature; it therefore functions as a social network. Adding cryptocurrency to the platform is a smart idea, mainly because cryptocurrency is becoming inevitably part of our financial system, and the platform has a huge customer base it can leverage on.
Venmo’s adoption of cryptocurrency continues to give cryptocurrency more prevalence. Venmo is also one of the latest establishments to join the crypto train. Cryptocurrency has huge benefits such as making both domestic and cross-border payments faster, reducing the need for physical cash, and a lot more. People are recognizing all the advantages using cryptocurrency can give them and are hoping on the crypto train as each minute goes by.
Venmo’s crypto services are powered by PayPal’s partnership with Paxos Trust Company- a regulated provider of cryptocurrency products and services. According to Darell Esch, Senior Vice President and General Manager at Venmo, “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”. Venmo’s parent company; PayPal is one of the leading platforms with crypto services in the world. It not only allows users to buy, hold and sell cryptocurrencies, it allows them to spend them at any of their merchant-partners around the world.
Cryptocurrency is getting wider adoption and it is only a matter of time before it becomes the norm.