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Venmo Has Entered The Cryptocurrency Game

Venmo allows you to pay and request money from your friends. At its core, Venmo provides a social way to pay your friends when you owe them money and don’t want to deal with cash. For example:

  • Splitting a lunch bill
  • Paying your friend half of a cab fare
  • Sending your roommate your half of the rent

Venmo can also be used to make purchases with authorized merchants. For example:

  • Using the Venmo Mastercard Debit Card anywhere in the U.S. where Mastercard is accepted
  • Using Venmo as a payment method in authorized partner apps or mobile websites
  • Using in-store QR codes to complete purchases with Venmo

Venmo should not otherwise be used to complete purchases, unless explicitly authorized by Venmo.

As of today, April 20th, 2020, Venmo has announced that more than 70 million customers, will be able to buy, hold and sell cryptocurrency directly within the Venmo app.

Darrell Esch, SVP and GM stated:

Crypto on Venmo is a new way for the Venmo community to start exploring the world of crypto, within the Venmo environment they trust and rely on as a key component of their everyday financial lives

Customers using crypto on Venmo can choose from four types of cryptocurrency: Bitcoin, Ethereum, Litecoin and Bitcoin Cash. When they make transactions, customers can also choose to share their crypto journey with their friends through the Venmo feed.  There is no mention as of XRP yet, as XRP is under investigation by the SEC.

Venmo customers can start their crypto journey with as little as $1 by clicking on “Crypto” in the Venmo menu at the top right in the app. Customers will have the ability to buy and sell cryptocurrency using funds from their balance with Venmo, or a linked bank account or debit card. All transactions are managed directly in the Venmo app. Simple, easy to navigate and intuitive, crypto on Venmo also enables Venmo customers to share their crypto experience with their friends if they choose to publish on the Venmo feed.

Crypto on Venmo is enabled through PayPal’s partnership with Paxos Trust Company, a regulated provider of cryptocurrency products and services. PayPal was also granted a first-of-its-kind conditional Bitlicense by the New York State Department of Financial Services (NYDFS), allowing PayPal and Venmo to offer its customers the ability to buy, sell and hold cryptocurrency.


Credit to Michael

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