PayPal’s Venmo Now Offers Bitcoin Buying and Selling

Cryptocurrencies have been the rage this year and PayPal’s Venmo has joined the madness by soon allowing the buying and selling of the number one crypto there is, Bitcoin.

Customers of Venmo will be able to buy, sell and trade as little as $1 worth of crypto on the payments app, which has more than 70 million customers.

With PayPal itself, crypto trading is limited to bitcoin, ethereum, litecoin and bitcoin cash. It was last November that PayPal began open trading on select cryptocurrencies to U.S. customers and it was in March that it began allowing users to pay with crypto.

According to the company’s announcement, the rollout began today and will be available for customers within the next few weeks.
The rollout is being offered in partnership with Paxos, which was tapped by PayPal as a liquidity provider.

More than 30% of Venmo customers have already began purchasing cryptocurrency or equities, according to the payments company.

The 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.

“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,” Esch also said.

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.”

Earlier this month many cryptocurrencies surged after trading platform Coinbase went public.

Disclaimer: We have no position in any of the companies mentioned and have not been compensated for this article.