PayPal’s Venmo has amazed the crypto market by announcing the newly added payment support for cryptocurrencies, which has sought the attention of more than $77 million users. With this support, the users will be able to share Bitcoin (BTC) across the globe in a more convenient and reliable way. This step will allow the crypto traders to sell and buy digital currencies like Ethereum (ETH), Litecoin (LTE), Bitcoin (BTC) and Bitcoin Cash (BCH) via the Venmo application.
Venmo is a mobile-based application payment service powered by PayPal. Venmo was designed for US residents to transfer funds among one another in a convenient and friendly way. Although it was launched last year, it got admired and upgraded within a short period, and now initially, it claims to support four prominent cryptocurrencies: Ethereum (ETH), Litecoin (LTE), Bitcoin Cash (BCH) and Bitcoin (BTC).
Darrell Esch, the Senior Vice President and General Manager, intimated to the Venmo Community that supporting cryptocurrencies on Venmo will be a gateway for exploring the crypto world by means of a convenient and reliable Venmo Platform, which will be helpful even in their daily financial lives.
More interestingly, the Venmo move is targeted and designed for younger and advanced users. Moreover, he added that their goal is to facilitate the customers with an easy-to-use method for trading and investing.
What makes Venmo so pleasing and exceptional?
If we put a glance at the customer study of 2020, interestingly, Venmo has been efficiently following the footsteps of its parent company as 30% of its users have already purchased the crypto assets, and Venmo processed payments of more than $158 billion in the last year. Venmo application is exceptionally spreading awareness about cryptocurrencies by means of social media and its own platform in the form of articles, audio and video tutorials.
In the last quarter of 2020, PayPal initiated the trading of cryptocurrencies by its developed wallets, and by this March, it facilitated its clients to spend the virtual coins for trading purposes. The same planning is adopted by the Venmo platform. Venmo made the new offering possible with the help of its new collaboration with Paxos.