{"id":50963,"date":"2021-04-27T22:49:06","date_gmt":"2021-04-27T22:49:06","guid":{"rendered":"https:\/\/timestampmag.com\/?p=50963"},"modified":"2021-04-30T08:52:13","modified_gmt":"2021-04-30T08:52:13","slug":"paypals-venmo-launches-cryptocurrency-trading-for-users","status":"publish","type":"post","link":"https:\/\/timestampmag.com\/2021\/04\/27\/paypals-venmo-launches-cryptocurrency-trading-for-users\/","title":{"rendered":"PayPal\u2019s Venmo Launches Cryptocurrency Trading for Users"},"content":{"rendered":"<ul>\n<li>With over 70 million users in the US, the introduction of cryptocurrencies on its platform will further establish Paypal\u2019s presence in the digital asset market segment.<\/li>\n<li>Venmo will offer support for 4 cryptocurrencies in the beginning &#8211; Bitcoin, Ethereum, Bitcoin Cash, and Litecoin.<\/li>\n<li>The minimum investment amount for buying cryptocurrencies is at only $1, setting the entry barrier so low to encourage new users.<\/li>\n<\/ul>\n<p>PayPal-owned <a href=\"https:\/\/venmo.com\/\" target=\"_blank\" rel=\"noopener\">Venmo<\/a> is introducing crypto trading, allowing its users to invest in four different cryptocurrencies, starting at a minimum spending requirement of $1. Venmo is one of the most popular digital payment services in the US, with over 70 million users. With its latest move to introduce crypto trading on its platform, Venmo seems to be following in the footsteps of its biggest rival in the country, Square\u2019s <a href=\"https:\/\/cash.app\/\" target=\"_blank\" rel=\"noopener\">Cash App<\/a>.<\/p>\n<p>The four cryptocurrencies that Venmo will allow users to invest in are \u2013 <a href=\"https:\/\/bitcoin.org\/en\/release\/v0.21.0\" target=\"_blank\" rel=\"noopener\">Bitcoin<\/a>, <a href=\"https:\/\/ethereum.org\/en\/\" target=\"_blank\" rel=\"noopener\">Ether<\/a>, <a href=\"https:\/\/timestampmag.com\/2020\/04\/27\/price-analysis-of-litecoin\/\" target=\"_blank\" rel=\"noopener\">Litecoin<\/a>, and <a href=\"https:\/\/bitcoincash.org\/\" target=\"_blank\" rel=\"noopener\">Bitcoin Cash<\/a>. Users can buy, hold, and sell the digital tokens of these cryptocurrencies as well as share their purchases with friends through Venmo\u2019s personalized social feed. This development is seen as a big step by <a href=\"https:\/\/www.paypal.com\/\" target=\"_blank\" rel=\"noopener\">PayPal<\/a> to introduce cryptocurrencies into the mainstream and has resulted in a surge in prices of Bitcoin and other digital currencies.<\/p>\n<h2>What is Behind this Move?<\/h2>\n<p>PayPal\u2019s Venmo is one of the world\u2019s largest digital wallet networks, offering users a fast, reliable, and cost-effective platform for digital payments. Therefore, it&#8217;s \u2018move\u2019 to endorse cryptocurrencies is indeed creating huge waves in the market. Crypto is seeing tremendous growth, especially in recent times, therefore PayPal\u2019s move can be well attributed to the digital giant eyeing huge potential in the decentralized currency.<\/p>\n<p>According to <a href=\"https:\/\/www.globenewswire.com\/news-release\/2021\/02\/23\/2180372\/0\/en\/Current-and-Upcoming-Trends-in-CryptoCurrency-Market-Cap-to-Hit-5-190-62-Million-by-2026-Soars-at-30-CAGR-Facts-Factors.html#:~:text=%E2%80%9CAccording%20to%20the%20research%20study,%25%20from%202019%20to%202026%E2%80%9D.\" target=\"_blank\" rel=\"noopener\">research by Facts and Factors<\/a>, the global cryptocurrency market was estimated at $792.53 million in 2019 and expected to grow at a compound annual growth rate (CAGR) of 30% from 2019 to 2026. Not just PayPal, even <a href=\"https:\/\/www.mastercard.co.in\/en-in.html\" target=\"_blank\" rel=\"noopener\">MasterCard<\/a>, <a href=\"https:\/\/www.visa.co.in\/\" target=\"_blank\" rel=\"noopener\">Visa<\/a>, and <a href=\"https:\/\/www.tesla.com\/\" target=\"_blank\" rel=\"noopener\">Tesla<\/a> have started engaging in dabbling with cryptocurrencies such as Bitcoin. The reason is simple \u2013 users are getting more and more inclined toward digital assets, making it indispensable for merchants to support their interests by accepting crypto.<\/p>\n<h2>About Venmo\u2019s Crypto Trading Features<\/h2>\n<p>\u201cNo matter where you are in your cryptocurrency journey, crypto on Venmo will help our community to learn and explore cryptocurrencies on a trusted platform and directly in the app they know and love,\u201d the Senior Vice President and General Manager of Venmo, <a href=\"https:\/\/twitter.com\/eschdarrell?lang=en\" target=\"_blank\" rel=\"noopener\">Darell Esch<\/a>, shared. He added, \u201cOur goal is to provide customers with an easy-to-use platform that simplifies the process of buying and selling cryptocurrencies and demystifies some of the common questions and misconceptions that consumers might have.\u201d<\/p>\n<figure id=\"attachment_50965\" aria-describedby=\"caption-attachment-50965\" style=\"width: 2560px\" class=\"wp-caption alignleft\"><img fetchpriority=\"high\" decoding=\"async\" class=\"size-full wp-image-50965\" src=\"https:\/\/timestampmag.com\/wp-content\/uploads\/2021\/04\/pexels-burak-k-186464-scaled.jpg\" alt=\"\" width=\"2560\" height=\"1707\" srcset=\"https:\/\/timestampmag.com\/wp-content\/uploads\/2021\/04\/pexels-burak-k-186464-scaled.jpg 2560w, https:\/\/timestampmag.com\/wp-content\/uploads\/2021\/04\/pexels-burak-k-186464-300x200.jpg 300w, https:\/\/timestampmag.com\/wp-content\/uploads\/2021\/04\/pexels-burak-k-186464-1024x683.jpg 1024w, https:\/\/timestampmag.com\/wp-content\/uploads\/2021\/04\/pexels-burak-k-186464-768x512.jpg 768w, https:\/\/timestampmag.com\/wp-content\/uploads\/2021\/04\/pexels-burak-k-186464-1536x1024.jpg 1536w, https:\/\/timestampmag.com\/wp-content\/uploads\/2021\/04\/pexels-burak-k-186464-2048x1365.jpg 2048w\" sizes=\"(max-width: 2560px) 100vw, 2560px\" \/><figcaption id=\"caption-attachment-50965\" class=\"wp-caption-text\"><a href=\"https:\/\/pixabay.com\/photos\/stock-iphone-business-mobile-phone-624712\/\" target=\"_blank\" rel=\"noopener\">Image Source<\/a><\/figcaption><\/figure>\n<p>Venmo\u2019s crypto feature has been developed in partnership with blockchain infrastructure firm Paxos. PayPal has previously used Paxos for other digital asset initiatives such as stablecoin on its platform earlier as well. The launch is providing users exclusive access to in-app guides to help them better grasp Venmo\u2019s cryptocurrency trading space, while also enabling them to share their experiences and feedback on the Venmo feed.<\/p>\n<p>Venmo users will be able to use the crypto assets as a funding source as well as the company\u2019s 26 million merchants after this launch. PayPal had acquired a conditional Bitlicense from the exacting New York State Department of Financial Services for this transformation, the first time it has been done. This provides PayPal the opportunity to team up with Paxos for the initiative until it gets a full license.<\/p>\n<h2>Developments Ahead<\/h2>\n<p>PayPal CEO <a href=\"https:\/\/twitter.com\/dan_schulman?lang=en\" target=\"_blank\" rel=\"noopener\">Dan Schulman<\/a> has called the shift to digital currencies \u201cinevitable\u201d in a <a href=\"https:\/\/newsroom.paypal-corp.com\/2021-04-20-Introducing-Crypto-on-Venmo#:~:text=Press%20Release%3A%20Introducing%20Crypto%20on%20Venmo%20%2D%20Apr%2020%2C%202021&amp;text=SAN%20JOSE%2C%20Calif.%2C%20April,directly%20within%20the%20Venmo%20app.\" target=\"_blank\" rel=\"noopener\">recent press release<\/a>. He mentioned that the company is interested in working with banks and regulators around the world to come up with new initiatives that can foster \u201cthe role digital currencies will play in the future of global finance and commerce.\u201d<\/p>\n<p>He also hinted at future developments in line with PayPal\u2019s vision of enabling crypto use for everyday transactions, tapping into Smart Contracts as well as other ever-growing features powered by blockchain technology. Schulman has stressed the company\u2019s vision of leveraging crypto for attaining a more \u201cinclusive economy\u201d where \u201cthings will be done much differently than today.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"<p>With over 70 million users in the US, the introduction of cryptocurrencies on its platform will further establish Paypal\u2019s presence in the digital asset market segment. Venmo will offer support for 4 cryptocurrencies in the beginning &#8211; Bitcoin, Ethereum, Bitcoin Cash, and Litecoin. The minimum investment amount for buying cryptocurrencies is at only $1, setting [&hellip;]<\/p>\n","protected":false},"author":13,"featured_media":50964,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[30,360,370,397,251,120,548,389,474,547,254],"_links":{"self":[{"href":"https:\/\/timestampmag.com\/wp-json\/wp\/v2\/posts\/50963"}],"collection":[{"href":"https:\/\/timestampmag.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/timestampmag.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/timestampmag.com\/wp-json\/wp\/v2\/users\/13"}],"replies":[{"embeddable":true,"href":"https:\/\/timestampmag.com\/wp-json\/wp\/v2\/comments?post=50963"}],"version-history":[{"count":2,"href":"https:\/\/timestampmag.com\/wp-json\/wp\/v2\/posts\/50963\/revisions"}],"predecessor-version":[{"id":50967,"href":"https:\/\/timestampmag.com\/wp-json\/wp\/v2\/posts\/50963\/revisions\/50967"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/timestampmag.com\/wp-json\/wp\/v2\/media\/50964"}],"wp:attachment":[{"href":"https:\/\/timestampmag.com\/wp-json\/wp\/v2\/media?parent=50963"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/timestampmag.com\/wp-json\/wp\/v2\/categories?post=50963"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/timestampmag.com\/wp-json\/wp\/v2\/tags?post=50963"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}