You can now sell, buy and pay with cryptocurrency on Venmo
April 20, 2021. Summarized by summa-bot.
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The Venmo app on a mobile phone arranged in Dobbs Ferry, New York, U.S., on Saturday, Feb. 13, 2021. PayPal Holdings Inc. demonstrated new versions of PayPal and??Venmo??wallets that are rolling out in the second quarter. Photographer: Tiffany Hagler-Geard/Bloomberg via Getty Images
Bitcoin and similar cryptocurrencies have gone increasingly mainstream, but Tuesday's announcement that Venmo is adding crypto support just put crypto access in the palm of everyone's hand.
New York (CNN Business)Bitcoin and similar cryptocurrencies have gone increasingly mainstream, but Tuesday's announcement that Venmo is adding crypto support just put crypto access in the palm of everyone's hand.
Venmo, which is owned by PayPal (PYPL), said its more than 70 million customers can buy bitcoin, ethereum, litecoin and bitcoin cash for as little as $1.
Cryptocurrency can often feel confusing and inaccessible to newbies, so Venmo will offer in-app guides and videos to help answer commonly asked questions and share information about the world of crypto.
The payment company hopes that this new initiative "demystifies some of the common questions and misconceptions that consumers may have," Darrell Esch, senior vice president and general manager at Venmo, said in a statement.
More than 30% of Venmo customers have already started purchasing cryptocurrency or equities, according to the payments company.
That hasn't happened yet, but Venmo's announcement is another example of how crypto is creeping ever closer toward mainstream acceptance.
Venmo is joining a list of other companies that recently began recognizing or accepting cryptocurrencies.
Tesla has started accepting bitcoin payments for its cars and now holds some of the digital currency on its balance sheet.