Venmo Launches Crypto Sending and Receiving Services for All Customers

Venmo, a digital wallet that is owned by PayPal, has announced that it is now offering a new service that allows its customers to send and receive cryptocurrency. The feature will be available to all Venmo customers, making it easier than ever before for people to buy, hold and sell cryptocurrency.

How Does it Work?

Customers who want to use this feature will need to have a verified account with Venmo. They can then navigate to the cryptocurrency tab and select the cryptocurrency they want to buy or sell. Venmo currently supports four different cryptocurrencies: Bitcoin, Ethereum, Litecoin, and Bitcoin Cash.

Once the customer has selected the cryptocurrency they want to buy or sell, they can enter the amount they want to trade. Venmo will then display the exchange rate and the fee for the transaction. If the customer agrees to the terms, they can confirm the transaction, and the cryptocurrency will be sent or received.

Why is This Important?

This new feature from Venmo is significant because it is making it easier for everyday people to buy, hold and sell cryptocurrency. Previously, these types of transactions were mainly done through specialized exchanges, which can be complicated and intimidating for new users. Venmo’s new feature is likely to make cryptocurrency more accessible to a wider range of people.

Reaction from Industry Experts

Many industry experts are hailing Venmo’s new feature as a significant step forward for cryptocurrency adoption. According to Daniel Ives, an analyst with Wedbush Securities, said, “This could be a major inflection point for crypto going mainstream among retail investors.”