Venmo, a social payments app owned by payments giant, PayPal, has added crypto support for its more than 70 million customers in the United States.
This means that Venmo users can now buy, sell, and pay with crypto directly within the Venmo app for as little as $1.
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This new development comes just a week after PayPal CEO, Dan Schulman, hinted at upcoming developments and after the company opened support for the use of crypto for everyday transactions.
In a statement, Darrell Esch, Senior VP and General Manager, Venmo, said:
“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.”
– General Manager, Venmo
Venmo is one of the most popular digital payments apps in the U.S. Its’s particularly popular among younger Americans who use the app to make payments or split purchases with friends and family.
In 2020, the app processed about $160 billion in payments and joins rival Cash App in enabling users to send and receive bitcoin with no fees on transactions.
Crypto on Venmo is rolling out starting today and should be available to all users within the next few weeks.
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RECOMMENDED READING: Visa Becomes the First Major Payments Network to Settle Transactions in a US Dollar-Backed StableCoin (USDC)
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