Venmo, Paypal’s subsidiary, also begins to allow the use of cryptocurrencies.
In case there was any doubt about the rise of cryptocurrencies in our daily lives, we now find that Venmo, Paypal’s subsidiary for payments between individuals, is beginning to implement support for the use of cryptocurrencies, covering the following digital currencies: Bitcoin, Ethereum, Bitcoin Cash and Litecoin.
Venmo, Paypal’s subsidiary, also begins to allow the use of cryptocurrencies
As of today, it will be available for some users of the platform, according to the platform, and it is expected to be available for most of its users by the end of May.
Venmo currently has more than 70 million users, most of whom are young consumers, and has established itself as one of the most popular payment platforms in the United States.
According to a study, 30% of its users have decided to buy cryptocurrencies or shares, where a percentage of them decided to do so during the current pandemic of the Covid-19 coronavirus.
Its operation, as a social network, and with the majority of users having a young profile, could encourage more than one to use cryptocurrencies for the first time, seeing how their friends make transactions through the use of cryptocurrencies.
Users will be able to buy, hold and sell cryptocurrencies starting from 1 dollar, with all transactions being managed within Venmo’s mobile application.
It so happens that Paypal, the parent company, started users to purchases, maintenance, and sale of cryptocurrencies in autumn last year, expanding the possibilities at the end of last March, allowing users in the United States to make use of cryptocurrencies for payments for their online purchases.
According to Venmo: “The launch of the feature reinforces PayPal‘s commitment to educating its customers about the potential of digital currencies as they continue to grow and drives the understanding and utility of cryptocurrencies on a large scale.”
Competing payment apps, such as Square Cash, had already had support for some cryptocurrency for some time, including more than a year ago. For now, Venmo focuses its service on the U.S. market, although this does not mean that sooner or later, international markets will see the growth of payment services that begin to implement support for the use of cryptocurrencies among their users.
