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 complete 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. In this case, the cryptocurrency will be converted into fiat currencies at the time of purchase. Unfortunately, so far this is only valid in the United States, as well as operations in Venmo – the service is available only to American users.
“The launch of this feature confirms PayPal’s commitment to educating its customers about the potential of digital currencies as they grow and fostering the understanding and use of cryptocurrencies on a massive scale,” concluded Venmo.