Venmo announced Tuesday that it will allow users to buy and sell cryptocurrencies on its platform. This means that 70 million monthly active users will soon have access to bitcoins, ethereum and other digital tokens at a time when their value has never been higher.
Here’s what you need to know about buying bitcoins on Venmo.
What cryptocurrencies can I buy?
The digital tokens that will be available for purchase are bitcoin, bitcoin cash, ethereum and litecoin. Venmo has not specified any limit on the amount of cryptography a person can acquire. The only rule is that your investment must be worth at least $ 1. The investment will be stored in your account on the Venmo app and can be sold at any time.
What if I already have cryptography elsewhere?
Investors who own bitcoins in another portfolio like Coinbase will not be able to transfer their bitcoin to Venmo, a company spokesman told CNBC Make It. Similarly, any encryption purchased through Venmo will only be accessible through the app and will not be able to be sent to another wallet.
In addition, users will not be able to send cryptocurrencies to other Venmo accounts, the company confirmed.
Can I use my Venmo balance?
Part of Venmo’s height as a cryptocurrency portfolio is that users don’t need to do bank transactions to transfer funds. Instead, they can use their existing Venmo balance to buy bitcoins and other tokens. Users who do not have enough money in their balance can link a bank account or debit card to complete their purchases.