Venmo is adding support for users to buy, store and sell cryptocurrencies

Venmo is releasing a feature that will give users the option to store, buy and sell popular cryptocurrencies, which PayPal announced on Tuesday. Similar to PayPal, Venmo will support four different cryptocurrencies: Bitcoin, Ethereum, Bitcoin Cash and Litoin. PayPal said last year that Venmo would get support for cryptocurrency.

You can start with at least $ 1, and transactions are managed from the app. Venmo said in a press release that it will begin rolling out the feature to some users today, and states The Reporter Door It estimates that “most customers” will have access to cryptocurrency in the app by the end of May.

Picture: Venmo

Venmo’s support for cryptocurrency may encourage more people to invest in them. PayPal reported in 2019 that Venmo had 40 million users.; If the application acts like a social network, users can more predictably discover cryptocurrency than if they can buy and sell their friends right from Venmo.

Venmo is the latest payment app to offer support for cryptocurrency. PayPal allows users to buy, hold and sell cryptocurrencies from the main PayPal app in November And added the ability for US users to shop with cryptocurrencies in late March. And Venmo and PayPal competitor Square launched support for bitcoin in their cash app in 2018.