Venmo’s app will now enable you to trade cryptocurrencies like Bitcoin, Ethereum, Litecoin, and Bitcoin Cash. After offering cryptocurrency payment methods to its users in March, PayPal’s subsidiary, Venmo, is now heading into the field of blockchain, introducing a new service that will enable members to buy and trade cryptocurrencies directly on the app.
For now, Venmo will only allow trading for four cryptocurrencies: Bitcoin, Ethereum, Litecoin, and Bitcoin Cash. In addition to buying and selling, the app will provide guides and interactive videos to help users learn more about the crypto environment, as well as the ability to share their experiences with friends via the app’s feed. You’ll be able to buy things for as little as $1 USD, and the money will come straight from your account.
According to Venmo’s statement,
“Customers in the US (except Hawaii) who have verified their identity with Venmo can buy, sell, and hold cryptocurrency with their personal Venmo profiles. […] In order to buy, sell, and hold cryptocurrencies on Venmo, you will need to verify your identity. You can find more information about this process here. Venmo’s crypto fees are from the spread (or margin) between the market price we receive from our trading service provider (Paxos) and the exchange rate between US dollars and the crypto asset displayed to the user, and a transaction fee when buying or selling crypto assets. At the time you buy or sell crypto assets, we will disclose to you the applicable exchange rate and the amount of fees that you will be charged for that transaction. The exchange rate may include an estimated spread of one-half of one percent (0.50%), provided, however, that the actual spread may be higher or lower based on market conditions. We will not separately calculate or disclose the spread we earn on each transaction. By using Venmo’s crypto services, you agree to pay all applicable exchange rates (including spread) and fees. If you use a linked bank account or debit card as a funding source to buy crypto assets, your bank may charge you its own fees, including overdraft fees or insufficient fund fees, if applicable. Venmo is not responsible for any fees that may be charged to you by your bank.”
It seems that cryptocurrency is here to stay, and being made easier by the minute with these introductions to payment apps that most people in the United States use. You can learn more about crypto on Venmo via their website. PayPal’s acquisition of cryptocurrency security startup Curv also suggest the company is taking this new currency very seriously for the future.
Photo via Venmo