Venmo, the mobile application which facilitates peer-to-peer transactions, announced “Crypto on Venmo” is rolling out today to allow users to buy and sell Bitcoin, Ethereum, Litecoin and Bitcoin Cash within the app.
The app will allow user to get started with “as little as $1,” and allow these purchases to be displayed on the in-app social feed. Venmo also has created a series of educational videos to explain some of the basic concepts behind crypto and blockchain on their website and within the app.
As with PayPals crypto-related services, those on Venmo will be enabled via their partnership with Paxos Trust Company.
Rumors of this potential news began in June of 2020, when Bitcoin was trading under $10,000. Square Inc. (SQ)’s Cash App, and Venmo’s largest competitor, began offering the exchange and transfer of Bitcoin in 2018, likely putting pressure on PayPal offer similar services.