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Venmo on Tuesday is rolling out the ability for people to buy, hold and sell cryptocurrencies within the social payments app. The app will support four types of digital coin: Bitcoin, Ethereum, Litecoin and Bitcoin Cash.
“Our goal is to provide our customers with an easy-to-use platform that simplifies the process of buying and selling cryptocurrencies and demystifies some of the common questions and misconceptions that consumers may have,” said Darrell Esch, senior vice president at Venmo, in a release.
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Venmo said customers can start using cryptocurrency — or crypto, for short — in the app with as little as $1. People will be able to buy and sell crypto using funds from their Venmo balance or a linked bank account or debit card. Venmo is also offering in-app guides and videos to “help answer commonly asked questions and learn more about the world of crypto,” the company said.
Venmo, which is owned by payments processor PayPal, announced plans to expand into cryptocurrency easier this year. The company is also looking to add new functions like to help people save and budget money, as well as keep up-to-date on shopping deals.
Crypto on Venmo is rolling out starting Tuesday and should be available to all users “within the next few weeks,” the company said.
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