PayPal's Venmo to allow users to buy, hold, sell cryptocurrency

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PayPal’s Venmo app will now allow its customers to buy, hold and sell cryptocurrency. CNBC’s Andrew Ross Sorkin reports. For access to live and exclusive video from CNBC subscribe to CNBC PRO: https://cnb.cx/2NGeIvi

PayPal’s Venmo mobile payment app will now let users buy, hold and sell bitcoin and other digital tokens, potentially a significant step toward moving cryptocurrencies into the mainstream.

Starting Tuesday, Venmo will show users a new feature that lets them invest in four different cryptocurrencies — bitcoin, ether, litecoin and bitcoin cash — with a minimum spending requirement of $1. They can also share their crypto purchases with friends through Venmo’s social feed.

The development expands on an initial move by PayPal to let users buy crypto through its main platform. More recently, the company started letting people use their crypto holdings to pay at millions of its online merchants globally.

With more than 70 million users, Venmo is one of the most popular digital payment services in the U.S. It’s particularly popular among younger Americans who use the app to make payments or split purchases with friends and family. It competes with Square’s Cash App.

“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,” said Darrell Esch, a senior vice president and general manager of Venmo.

Esch added: “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.”

Bitcoin and other digital currencies have surged in price in 2021 on the back of increased interest from institutional investors, while major companies like Tesla and PayPal have also made significant moves in the space. Tesla bought $1.5 billion worth of bitcoin earlier this year and now accepts it as payment for its cars.

PayPal, meanwhile, has been ramping up its investments in crypto. Last month, the payments giant said it had agreed to buy Curv, a start-up that helps clients store their digital tokens securely, for nearly $200 million. It has also established a new business unit focused on blockchain, which Curv is set to join.

Venmo said its crypto feature was developed in partnership with blockchain infrastructure firm Paxos, which PayPal has also used for its other digital asset initiatives. PayPal was awarded a license to engage in crypto activities from New York regulators last year.

While bitcoin bulls see it as a store of value akin to gold, not everyone is convinced by the digital currency’s stunning comeback — it previously sank as low as $3,122 in 2018 after climbing to almost $20,000 a year earlier. Skeptical economists view bitcoin as a bubble waiting to burst.

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Comments

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Alex Coleman says:

There's no doubt in my mind that we are not only going bull with little sign of stopping. I know people hate saying "this time is different" but the amount of banks, institutions, and companies who have in vested hundreds of millions of dollas with the intent to hold long term: how can we refute that this may be the "super cycle" everyone is talking about? The conditions of this bull market are unlike anything we have ever seen. βͲ↻ still has a ways to go in terms of gro wIth, I have been in the crypt0 world for just over a year now and I have been able to make 30 βͲ↻ foIIow the reasonable adv!se and tradn sIgnals from Eric John Clark, a pro anaIy sis that is always one step ahead of other tradrs, he runs a program for serious minded investor/new bies. if you are looking for a way to increase your portfolio or investment. Eric Clark TєI єɠramm ( @ericclark01 )

Pink Trucker says:

Oh yessssssss!!! Man this is good!! Hustler!!✌️💯

Sheri U says:

BitcoinCash will be huge!!

Christine Sullivan says:

Use Coinkago for your BTC exchange

R D says:

Good for them. Very helpful right up until they get outlawed.

Richard Martin says:

I dont see how this benefits the customer. Why buy then spend crypto when you can use dollars?

MegaJodog says:

And. BOOOOOOM🔥

ahmedalsharman says:

Bitcoin will collapse , Dogecoin is future..

Angely Kelly says:

Stocks are good but i swapped and invested in forex and crypto I've been earning much from it

Jay says:

Seriously who uses venmo lol

Micah Bamaiyi says:

I think the pandemic has taught people a big lesson, having one stream of income is not really a good idea cause your job doesn't secure your financial needs. The pandemic has really set out business-minded people from the rest that is why I'm so lucky to be among the investors trading with metro__kelvinfx on insta as his student it's been success and happiness since the beginning of my trades..

REAl REAction says:

Litecoin is my cryptocurrency of choice. It’s the same crypto as Bitcoin, goes where Bitcoin goes, but Litecoin is faster, cheaper, and more fungible.

Also, Bitcoins creator is anonymous. Nobody knows nor has seen He/she/them. Not to mention the creator of BTC still holds millions of Bitcoin (shady).

The creator of Litecoin is Charlie Lee. He sold his bags of LTC and made LTC fully decentralized. Charlie is also very active within the crypto space.

tj m says:

Cmon lite coin please hit the moon

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