Venmo today announced the launch of cryptocurrency support on their platform. This brings a new way for Venmo's more than 70 million users to buy, hold and sell cryptocurrency directly within the Venmo mobile app. Support for cryptocurrency will begin to roll out today and become available to all users.
Crypto on Venmo is enabled through PayPal's integration.
SVP and GM of Venmo, Darrell Esch, submitted comments to PR Newswire on the addition of cryptocurrency support. "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."
Users can start investing and purchasing cryptocurrency with a minimum amount of $1USD. There will be a new "Crypto" option in the Venmo menu at the top right in the mobile app. Venmo also enables customers to share their crypto experience and comments related to recent crypto investing from the Venmo feed.