Venmo Adds Option To Buy And Sell Cryptocurrency – CBS Miami

MIAMI (CBSMiami / CNN) – Venmo drifts into the cryptocurrency madness.

Customers can now buy, hold and sell cryptocurrency right in the digital payments app.

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It only takes a dollar to get started and that can come from existing funds in Venmo or a linked bank account or debit card.

(Photo illustration by Chesnot / Getty Images)

Customers can choose between four types of cryptocurrency. Bitcoin, Ethereum, Litecoin and Bitcoin Cash.

The new feature also includes in-app instructions and videos on how the cryptocurrency works.

Last month, Venmo’s parent company PayPal announced that users could pay for goods at the checkout using cryptocurrencies.

The payments company hopes this new initiative will “demystify some of the most common questions and misconceptions consumers face,” said Darrell Esch, senior vice president and general manager at Venmo, in a statement.

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According to the company, more than 30% of Venmo customers have already started buying cryptocurrency or stocks. And 20% of those customers started doing this during the pandemic.

Last week, buzz about crypto rose when the Coinbase trading platform went public with a $ 86 billion dollar value, followed by a wild 500 percent rally in Dogecoin – an asset created as a hoax in 2013.

Dogecoin and Bitcoin (Photo by Yuriko Nakao / Getty Images)

Cryptocurrency supporters have insisted for years that Bitcoin, Ethereum, and other digital coins could revolutionize the financial world. That hasn’t happened yet, but Venmo’s announcement is yet another example of how crypto is getting closer to mainstream adoption.

Tesla recently started recognizing and accepting cryptocurrencies and Mastercard, and Visa is trying to streamline crypto payments on their networks. According to reports, Goldman Sachs will soon offer its private wealth management clients opportunities to invest in Bitcoin and other digital currencies. Morgan Stanley recently announced that it will offer access to Bitcoin funds for its high net worth clients.

E11even Miami is also the first major nightclub in the US to accept cryptocurrency.

The company has partnered with a cryptocurrency processing company so customers can use Bitcoin, Bitcoin Cash, Ripple, Dogecoin, or others to pay for tables, drinks, and goods.

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