Venmo payment service adds support for four cryptocurrencies – Bits Media

Venmo mobile payment service, owned by PayPal, added the function of direct buying and selling of four cryptocurrencies: BTC, ETH, LTC и BCH.

In the next few weeks, more 70 million Venmo users will be able to purchase, store and sell these crypto assets through the app service. The minimum amount of purchase of cryptocurrencies is $1. For this, customers will be able to use money from their balance in Venmo, tied to a bank account or debit card. Such an opportunity will be open for PayPal users. Adding cryptocurrencies to Venmo was carried out in partnership with a licensed company Paxos Trust, with which the PayPal payment giant previously began to cooperate.

PayPal already has Bitlicense from the Department of Financial Services of the state of New York (NYDFS), Allows you to legally provide cryptocurrency services to residents of the state. For the effective development of their services, PayPal began to cooperate with firms, having all the necessary licenses.

Analyzing user behavior in 2020 year, Venmo experts discovered, what more 30% customers have already begun to buy cryptocurrencies. 20% people began to make purchases through this service during the pandemic. Researchers came to the conclusion, that coronavirus and the accompanying economic crisis accelerated the transition to digital service, Awing to PayPal even greater interest in experiments with new financial technologies.

General Directorate PayPal Dan Schulman (And schulman) said, that the company intends to continue to support the use of cryptocurrencies to make daily transactions. Shulman supports the inclusive economy of cryptocurrencies, in which all segments of the population will be able to use digital assets, Regardless of its level of prosperity. Recall, What in October 2020 year PayPal added support for cryptocurrencies for US users. Schulman said, that after the implementation of this initiative, he began to consider cryptocurrencies as part of a comprehensive strategy to reduce payments.

However, Shulman said, that is not going to follow the example of Tesla and Square, investing in Bitcoin. The founder of PayPal intends to use the company's budget to acquire companies in this industry. One of these acquisitions was the purchase of an Israeli cryptocurrency startup Curv. Besides, PayPal cryptocurrency unit studies the potential of various blockchains, Including Ethereum, To increase the efficiency of payments. Schulman added, that PayPal does not intend to compete with cryptocurrency exchanges. Against, The company is open to cooperation with interested parties, To take advantage of the capabilities of cryptocurrencies.