Venmo which is a mobile payments service owned by PayPal officially announced that it allows its users to buy, store and sell crypto assets in their mobile apps.
The company in an announcement said that a service called “Crypto on Venmo” began launching on Tuesday and will be available to its 70 million customers live on the Venmo app in the next few weeks.
Similar to PayPal, Venmo's offering of crypto services is the result of a partnership with Paxos where it will facilitate transactions using the following cryptocurrencies, namely BTC, ETH, LTC and BCH. So far only 4 types of crypto are supported in the Venmo app.
The move follows a report last year that crypto offerings initiated with PayPal first and Venmo are scheduled to follow in Paypal’s footsteps beginning in 2021. In allowing crypto services to take place, PayPal has obtained a conditional license from the New York Department of Financial Services.
On the other hand, Venmo noted that based on the 2020 customer behavior survey, over 30% of their customers have started buying crypto.
