This past Tuesday, Venmo, a popular payment app, released an announcement that it will be allowing people to use multiple forms of cryptocurrency on its platform.
USA Today reports, the app, owned by PayPal, plans to allow its users to buy, sell, hold, and manage cryptocurrency.
The change is explained on Venmo’s website and the platform invited users to get into Cryptocurrency and explore its uses. Venmo told its users that they can start “with as little as $1” and that their first purchase “doesn’t have to be huge,” going on to say that they can use the change from a coffee run to start their crypto wallet.
Venmo goes on to state on their website, “Crypto is volatile, so it can rise and fall in value quickly. Like all currencies, there’s potential for gains and losses – so be sure to take it at a pace you’re comfortable with.” Platform users will be allowed to choose from four different forms of cryptocurrency such as Bitcoin, Ethereum, Litecoin, or Bitcoin Cash. Users of the app may not see the option for cryptocurrency at first as the company initiates its rollout onto the platform. Venmo will have videos on its website that will allow its customers to learn how to use bitcoin and other forms of cryptocurrency.
“No matter where you are in your cryptocurrency journey, crypto on Venmo will help our community to learn and explore cryptocurrencies on a trusted platform and directly in the app they know and love,” senior vice president and general manager of Venmo, Darrell Esch, released in a statement.
In a report from Fortune, Venmo stated that after performing a customer survey this past October, it found out that about 30% of the app’s users were already trading crypto and stocks.
“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,” Esch stated.
The company also stated that users can also personalize their Cryptocurrency purchases on their Venmo feed using stickers in order to share their bitcoin ventures with other users.
Fortune went on to report that some other companies have recently included cryptocurrency use in their platforms including Square, Visa, Mastercard, and many others. “Feeding the frenzy is the price of Bitcoin, the leading digital currency, which jumped from around $7,000 a year ago to over $56,000 on Monday, though it fell from an all-time high of more than $64,000 just a few days earlier,” the news source reported.
The Associated Press reported that a few other major companies are now accepting Bitcoin as a method of payment such as Tesla for its cars. Venmo has not yet allowed its customers to use cryptocurrency to pay others as of yet.