Venmo Integrated Cryptocurrencies Into Their System
PayPal’s mobile service Venmo that has 77 millions clients just integrated the option of buying and selling cryptocurrencies. The currencies it supports are Bitcoin, Ethereum, Bitcoin Cash and Litecoin. The company announced it in their press release.
To buy a cryptocurrency with Venmo, it will be enough to have $1 on a balance. They can use either their accounts on Venmo or their debit or credit card. This update was supported by Paxos who was chosen by PayPal to be their partner in July, 2020. In addition, Venmo added the educational kit to explain cryptocurrencies to their users.
PayPal announced the integration of cryptocurrencies back in November, 2020. All their U.S.-based clients have the option to make payments in crypto in online stores that are partners with PayPal and accept cryptocurrencies. It was announced this March, along with the plans to purchase an infrastructure provider for the storage of crypto.