Venmo, a popular PayPal platform that specializes in processing online financial payments, has joined the growing group of companies adding support and acceptance to cryptocurrencies.

The company announced a short time ago that it would allow users to buy, sell and hold cryptocurrencies within the app.

* PayPal’s Venmo for Crypto launches on Venmo $ PYPL

– * Walter Bloomberg (@DeItaone) April 20 2021

The integration of cryptocurrencies into the Venmo platform will open the gates for its 70 million users to track, buy and sell cryptocurrencies.

Commenting on their latest decision, Daryl Esch, Senior Vice President and General Manager, Venmo, said:

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Crypto Availability on Venmo is a new way for the Venmo community to begin exploring the world of cryptocurrencies, in a Venmo environment that they trust and rely on as an essential component of their everyday financial lives.

Cryptocurrency integration on Venmo will be facilitated by parent company PayPal in collaboration with popular crypto platform Paxos.

The services will be rolling out today while they will be available to most customers within a week.

Venmo integration of crypto services will open the way for 70 million users:

PayPal has become one of the first giants of payment and processing services.

The company incorporated and supported cryptocurrencies last year which allowed US customers to trade 4 cryptocurrencies within the app and later opened the door for crypto payments to all users.

The integration of Venmo with cryptocurrencies will lead to increased adoption of cryptocurrencies, as more than 70 million Venmo users will be exposed to cryptocurrencies.

The decision to add Venmo’s cryptocurrency trading support comes after the company conducted a survey in October 2020 asking its customers about their thoughts on cryptocurrency, understanding their demographic, financial, and purchasing behaviors that have changed over time, and how Venmo can help them adapt to the new normal.

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Survey participants provided interesting insight into their spending and investments as more than 30% of Venmo users have already started buying cryptocurrencies or stocks, 20% of which have started during the coronavirus outbreak.

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