The payment service Venmo, which is owned by PayPal, has announced the introduction of operations with cryptocurrencies.
How it works?
Venmo users will now be able to buy, store, and sell four types of cryptocurrencies: Bitcoin, Ethereum, Litecoin, and Bitcoin Cash. The minimum transaction amount is $1.
To perform the transaction, the user can use funds from their Venmo balance, linked bank account, or debit card. All transactions are managed directly in the Venmo app.
The innovation was made possible by PayPal’s partnership with Paxos Trust Company, a regulated provider of cryptocurrency products and services.
Recall that at the end of March, PayPal gave users the opportunity to use cryptocurrency to pay for purchases. At the same time, the cryptocurrency will be converted to fiat currencies at the time of purchase. Unfortunately, this is currently only valid in the US, as well as operations in Venmo-the service is only available to US users.
“The launch of this feature confirms PayPal’s commitment to inform its customers about the potential of digital currencies as they grow and promotes the understanding and use of cryptocurrencies on a massive scale,” Venmo concluded.