SAN JOSE, Calif., April 20, 2021 /PRNewswire/ -- Venmo today
announced the launch of crypto on Venmo, a new
way for Venmo's more than 70
million customers to buy, hold and sell
cryptocurrency directly within the Venmo app. Beginning
to roll out today, crypto on Venmo offers customers a way
to start their crypto journey alongside the many ways they already
use Venmo to spend and manage their
money.
With crypto on Venmo, customers can view cryptocurrency
trends, buy or
sell crypto, and access in-app guides and
videos to help answer commonly asked questions
and learn more about the world of crypto. Customers
using crypto on Venmo can choose from four types
of cryptocurrency: Bitcoin, Ethereum, Litecoin and Bitcoin
Cash. When they make transactions, customers can also choose
to share their crypto journey with their friends through the Venmo
feed.
"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," said Darrell Esch, SVP and GM,
Venmo. "No matter where you are in your cryptocurrency
journey, crypto on Venmo will help our community to learn and
explore cryptocurrencies on a trusted platform and
directly in the app they know and love. 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."
According to the 2020 Venmo Customer Behavior
Study1, more than 30% of Venmo customers have
already started purchasing crypto or equities, 20% of
which started during the pandemic. With the introduction
of crypto on Venmo, the broader Venmo community will
now have access to an
easy-to-use and intuitive crypto platform to help them
take part in the cryptocurrency market. The launch of the
feature furthers PayPal's commitment to
educating its customers on the potential of digital
currencies as they continue to
grow and drives understanding and utility of
cryptocurrencies on a mass scale.
Using Crypto on Venmo
Venmo customers can start their crypto journey with as little as
$1 by clicking on "Crypto" in the
Venmo menu at the top right in the app. Customers
will have the ability to buy and sell cryptocurrency using funds
from their balance with Venmo, or a linked bank account or debit
card. All transactions are managed directly in the Venmo app.
Simple, easy to navigate and intuitive, crypto on Venmo also
enables Venmo customers to share their crypto experience with their
friends if they choose to publish on the Venmo
feed.
Crypto on Venmo is enabled through PayPal's
partnership with Paxos Trust Company, a regulated
provider of cryptocurrency products and services. PayPal was also
granted a first-of-its-kind conditional Bitlicense by the
New York State Department of Financial Services (NYDFS),
allowing PayPal and Venmo to offer its customers the
ability to buy, sell and hold cryptocurrency.
Crypto on Venmo is starting to roll out
today and will be available for all customers
directly in the Venmo app within the next few weeks. To
learn more, visit www.venmo.com/crypto.
1 In
October 2020, we surveyed 2,217 U.S. Venmo customers to gain a
firsthand, real-time account of how their demographic, financial
and purchase behaviors have changed over time and how Venmo can
help them adapt to the new normal. Survey was administered
through Focus Vision. Responses are weighted to ensure
representation of the Venmo population by age, income &
regional distribution across the U.S.
|
About PayPal
PayPal has remained at the forefront of the digital payment
revolution for more than 20 years. By leveraging technology to make
financial services and commerce more convenient, affordable, and
secure, the PayPal platform is empowering more than 375 million
consumers and merchants in more than 200 markets to join and thrive
in the global economy. For more information,
visit paypal.com.
Media contacts:
Tom Hunter
thhunter@paypal.com
Jaymie Sinlao
jsinlao@paypal.com
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SOURCE PayPal Holdings, Inc.