Venmo of PayPal launches its crypto services. Integrates four major cryptocurrencies of the world which will be available to more than 70 million customers of PayPal. Services include crypto trading, their selling, and purchasing as well as custodian services.
Venmo is an app that is developed for the 70 million-plus customers of PayPal who are interested in crypto trading. The crypto trading and custodial services have been launched today as announced by Venmo. It was announced by Venmo on the service launch occasion that:
PayPal customers would be at liberty to conduct their crypto trading in four major cryptocurrencies which also include Bitcoin (BTC) as well. Other currencies include cryptocurrencies for example Ethereum (ETH), Bitcoin Cash (BCH), and Litecoin (LTC). Another interesting feature has been introduced through which the customers can share their crypto trading transactions with any person they like via Venmo feed.
The application is accepting investments from US$ 1/-. It was further pointed out by the Venmo team that there are three known methods of investment. The first method is that a customer can deposit funds into his or her Venmo account. Secondly, the customer has the option to add his or her bank account(s) in the Venmo app. Thirdly, the customers can use their credit and/or debit cards to fund their Venmo accounts for availing crypto services.
Venmo’s GM and SVP, Darrell Esch stated that the company’s objective is to provide an easy-to-use crypto trading platform. In addition, the trading platform can be used to buy and sell crypto assets in the easiest way possible. Crypto trading services through Venmo will be available to PayPal’s entire customers except for the customers in Hawaii. For trade services, Venmo has obtained approval for carrying out its business from the Financial Services Department of New York.
It was further pointed out that Venmo’s crypto services have been backed by a company namely Paxos Trust Company. This Paxos Trust Company is in return a partnership concern of PayPal itself.
It was noted after the announcement that 30% of Venmo’s customers have already engaged themselves in crypto trading. These customers are not only buying and selling cryptocurrencies but also started investing in equities.
The Venmo team also apprised that the launching of crypto trade services at Venmo shows the commitment of PayPal towards crypto promotion and adoption. The team said that PayPal is educating its customers on how beneficial digital assets are and how they can boost their net worth.
PayPal’s induction of crypto trading was a game-changing initiative that brought considerable changes in the crypto industry. After PayPal now Visa Inc. too is on its way to introduce crypto services very soon. Visa told that it has millions of customers and vendors all over the world which it will be taking into confidence for promoting its crypto trade initiatives.