Specifically now, its competitor, Paypal-owned payments entity Venmo – is reportedly embarking on the same footsteps, via its roll-out of crypto trading for four major coins: Bitcoin (BTC), Ether (ETH), Litceoin (LTC) and Bitcoin Cash (BCH).
Starting April 20th, and slated to be released to the public audience within the next few weeks, Venmo’s demographic of over 70 million will have the freedom to purchase, hold and sell crypto straight from the Venmo app.
The roll-out is reportedly equipping users with access to in-app guides, to assist them with enhanced navigation of the crypto trading sphere, and will offer encouragement to share their cryptocurrency experiences via the Venmo feed.
Venmo users will reportedly have the power to purchase the minimum of $1 equivalent of cryptocurrency, and can use either funds from their Venmo balance or from a linked bank account or debit card for purchasing and selling their holdings.
More than 30% of Venmo clients have reportedly already started buying crypto coins or equities, per insights of 2020 customer behavior of the firm. 20% of these started their buying process throughout the global pandemic, showing that the public health and concurrent economic crisis has contributed to the sped up process of trends in digitization and experimentation with new financial technologies.
Facilitating features for Venmo-based crypto is reportedly done through a collaboration with Paxos Trust Company – a regulated entity specialized in offering crypto tools like stablecoins.
Venmo owner PayPal reportedly also has in its possession a conditional Bitlicense from the exacting New York State Department of Financial Services.