Mobile payments service Venmo has just added a new feature that allows its customers to buy, sell and hold cryptocurrencies.
The service will initially support Bitcoin, Ether, Litecoin and Bitcoin Cash.
This new feature has been added to the service thanks to a partnership with Paxos Trust Company. Venmo general manager Darrell Esch said:
"There are a lot of customers who use PayPal or Venmo. Ultimately, this gives us a new group of customers who don't use PayPal on a daily basis and will be able to access cryptocurrencies through Venmo."
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Esch expects the new feature to be a great success among its users, who in most cases are people over 20 years old, with higher education and average income, open to digital innovation.
Users have already started buying cryptocurrencies, Venmo has noted. According to a survey conducted last year, over 30% of users have already invested in stocks or cryptocurrencies. Activity has increased amid the coronavirus pandemic.
During the launch phase, Venmo will leverage social network-level interactions, allowing users to share messages publicly about their crypto purchases on the service. This is expected to help build awareness and attract new investors.
PayPal, Venmo's parent company, added support for cryptos late last year.