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.