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Venmo now allows transactions with cryptocurrency

CNN – Venmo announced on Tuesday that it is allowing its users to sell, buy and pay with cryptocurrency on the app.

Venmo, which is owned by PayPal, said its more than 70 million customers can buy bitcoin, ethereum, litecoin and bitcoin cash for as little as $1.

Cryptocurrency is often daunting to newbies, so Venmo is offering in-app guides and videos to help answer frequently asked questions.

More than 30% of Venmo customers have already started purchasing cryptocurrency or equities, according to the payments company. And 20% of those customers started doing so during the pandemic.

Cryptocurrency is becoming increasingly mainstream. Last week, crypto enthusiasm soared as trading platform Coinbase went public at a valuation of $86 billion, followed by a wild 500% rally in Dogecoin — an asset that was created as a joke in 2013.

Cryptocurrency backers have spent years insisting that bitcoin, ethereum and other digital coins could revolutionize the world of finance. That hasn’t happened yet, but Venmo’s announcement is another example of how crypto is creeping ever closer toward mainstream acceptance, CNN reported.

Venmo isn’t the only company to except cryptocurrency. Tesla starting accepting bitcoin payments for its cars and now holds some of the digital currency on its balance sheet.

Mastercard and Visa are trying to streamline crypto payments on their networks. Goldman Sachs will reportedly soon offer its private wealth management clients avenues to invest in bitcoin and other digital currencies. And Morgan Stanley announced that it will offer its wealthy clients access to bitcoin funds, CNN reported.

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