PayPal has expanded its crypto services to Venmo, further nudging the volatile crypto industry into the mainstream. The functionality is a bit limited right now, and really means that users can only use crypto on Venmo as a store of value rather than a true way to settle debts and pay for things. Still, it’s a start, and we suspect additional functionality will be added in due time.
The mobile payments provider now allows Venmo users to buy, hold and sell four types of cryptocurrency directly within its app. The four major types of crypto are all in play here: Bitcoin, Ethereum, Litecoin and Bitcoin Cash.
Dogecoin, the streaking virtual currency that started life as a joke but now has a market cap of nearly $50 billion, didn’t make the cut.
Parent company PayPal started allowing users in the US to buy, hold and sell the same four types of crypto late last year. More recently, the firm started letting users pay for purchases at merchant partners using crypto.
Darrell Esch, SVP and GM at Venmo, said their goal is to provide 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.
Venmo’s fees for buying or selling crypto match those of PayPal, meaning there’s a minimum fee of $0.50 on purchases or sales of $1.00 – $24.99. Above that, you’ll pay a percentage of the purchase or sale amount as highlighted in Venmo’s FAQ.