With cryptography on Venmo, customers can view cryptocurrency trends, buy or sell cryptography, and access in-app guides and videos to help answer frequently asked questions and learn more about the world of cryptography. Customers who use cryptocurrency on Venmo can choose from four types of cryptocurrency: Bitcoin, Ethereum, Litecoin and Bitcoin Cash. When making transactions, customers can also choose to share their cryptographic journey with their friends through the Venmo channel.
“Crypto on Venmo is a new way for the Venmo community to begin exploring the world of cryptography, within the Venmo environment in which they rely and trust as a key component of their daily financial lives,” said Darrell Esch, SVP and GM, Venmo. “No matter where you are on your cryptocurrency journey, the cryptocurrency at Venmo will help our community learn and explore cryptocurrencies on a trusted platform and directly in the application they know and love. Our goal is to provide our customers with a Easy Service uses a platform that simplifies the process of buying and selling cryptocurrencies and demystifies some of the common questions and misconceptions that consumers may have. ”
According to the 2020 Venmo Customer Behavior Study1, more than 30% of Venmo customers have already started buying cryptography or equity, 20% of which started during the pandemic. With the introduction of cryptography in Venmo, the wider Venmo community will now have access to an easy-to-use and intuitive cryptography platform to help them participate in the cryptocurrency market. The launch of the feature fosters PayPal’s commitment to educating its customers about the potential of digital currencies as they continue to grow and boosts the understanding and usefulness of large-scale cryptocurrencies.
Using Crypto on Venmo
Venmo customers can start their crypto journey with just $ 1 by clicking “Crypto” on the Venmo menu at the top right of the app. Customers will be able to buy and sell cryptocurrency using funds from their balance with Venmo or a linked bank account or debit card. All transactions are managed directly in the Venmo app. Simple, easy-to-navigate, and intuitive encryption on Venmo on Venmo also allows Venmo customers to share their encryption experience with their friends if they choose to post it on the Venmo channel.
Crypto on Venmo is enabled through the association of PayPal with Paxos Trust Company, a regulated provider of cryptocurrency products and services. The New York State Department of Financial Services (NYDFS) also granted PayPal a first conditional conditional Bitlicense of this type, which allowed PayPal and Venmo to offer their customers the ability to buy, sell, and maintain cryptocurrency. .
Crypto on Venmo starts rolling out today and will be available to all customers directly in the Venmo app over the next few weeks. For more information, visit www.venmo.com/crypto.
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1 In October 2020, we surveyed 2,217 Venmo customers in the U.S. to get a real-time first-hand account of how their demographic, financial, and buying behaviors have changed over time and how Venmo it can help them adapt to the new normal. The survey was administered using Focus Vision. Responses are weighted to ensure representation of the Venmo population by age, income, and regional distribution in the United States. |
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SOURCES PayPal Holdings, Inc.
