PayPal’s mobile payment service Venmo on Tuesday rolled out its cryptocurrency feature for a minimum spending requirement of $1.
- The new feature allows users to trade four different cryptocurrencies — Bitcoin, Ethereum, Litecoin, and Bitcoin Cash.
- Customers can buy and sell cryptocurrency using funds from their Venmo balance or through a linked bank account or debit card.
- Crypto on Venmo is available for select customers on Tuesday and will be rolled out to all Venmo customers within the next few weeks.
- All transactions are managed directly in the Venmo app, which is enabled through PayPal’s partnership with Paxos Trust Company.
- PayPal earlier scored its conditional Bitlicense from the New York State Department of Financial Services to offer customers cryptocurrency services.
- Venmo SVP and GM Darrell Esch said the goal is to provide customers with an easy-to-use platform that “simplifies” trading cryptocurrencies and “demystifies” common questions and misconceptions that consumers may have.