Venmo will now allow its users to buy and sell Bitcoin, Etherum, and Litecoin on their app. Currently, any crypto purchased on the app will only be able to be used on the platform and not be exchanged to other digital wallets.
To start Venmo users have to buy at least $1 worth of crypto to start the investment, but as of right now there will be no cap on how much a user can invest, buy, or sell. Users will not be able to share cryptocurrencies with other accounts but can amass as much as they would like on their own accounts.
Users can use their current Venmo balance to purchase crypto without having to transfer to their bank accounts first. Users who don’t have enough money in their Venmo balance can also link a bank account or card to complete a transaction.
"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," said Darrell Esch, SVP and GM, Venmo.
According to a study by Venmo, more than 30% of the app's users have already bought and sold crypto with 20% starting during the pandemic.
Want to Start Using Crypto on Venmo?
First, you will want to open your app and click the top right button. Then you will want to click ‘Crypto.’
Second, Venmo has several helpful videos that show how to start buying and selling crypto through their app - starting at just $1.
Third, once you have bought crypto through the app, you can invest and watch it grow, or sell it - all on Venmo.