Venmo is rolling out support to buy, sell, and hold cryptocurrencies for its 70 million user base (via TechCrunch).
Cryptocurrency on Venmo
Like PayPal, Venmo’s parent company, Venmo will support Bitcoin, Ethereum, Litecoin, and Bitcoin Cash. Users will be able to voluntarily share their crypto transactions to the in-app social feed, a feature that the company says will raise awareness of crypto.
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Darrell Esch, Venmo general manager and SVP:
While there is some overlap between the bases, there are also a lot of customers who are discretely either PayPal or Venmo users. So this ultimately gives us a new group of customers who aren’t using PayPal day in and day out the ability to access [crypto] through Venmo.
Both companies are partnering with Paxos Trust Company, a regulated provider of crypto products and services.Â
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