PayPal significantly contributed to the prominence of Bitcoin ever since it introduced its new option “checkout with crypto” for the customers. This new option enabled the customers to make their payments by using cryptocurrency. PayPal now aims to expand the use of Bitcoin for its customers by launching a new crypto feature in its Venmo application.
Venmo is a mobile payment service that is owned by PayPal. With the help of this new feature introduced by PayPal, the Venmo users can buy and sell Bitcoin and three other cryptocurrencies. The other three cryptocurrencies Venmo users can invest in include
- Bitcoin Cash
According to the announcement made by PayPal, a new crypto button has been introduced, which will let its customers immediately purchase any of the above-mentioned cryptocurrencies starting from a price as low as $1. Interested parties looking to invest in Bitcoin can visit SwissBorg or Kraken.
Introducing this new feature for the Venmo users is a major step towards further success and popularity, for both Venmo and the digital currency industry. Venmo is a prominent platform that has grown rapidly with 77 million users. Venmo encourages its users to share their activities on social media, which can boost the attention towards cryptocurrency, as was seen after the launch of “checkout with crypto” option.
Statement Issued by PayPal
As per the statement given by PayPal, the Venmo users will be able to buy or sell Bitcoin and other cryptocurrency by using their debit cards, linked bank accounts or funds from their balance with Venmo. The customers of PayPal can access the new crypto feature through the Venmo app by clicking on the menu button. This feature also includes informational content to help the beginners in getting a good understanding about selling or buying Bitcoin and other cryptocurrencies.
According to the CEO of PayPal, Dan Schulman, the goal of the company is to progress further by fully exploring and using the crypto technology. PayPal aims to offer a more improved and efficient way for customers to make payments by exploring various crypto blockchains such as Ethereum. It has also been hinted by the CEO of PayPal that the company does not intend to compete with other cryptocurrency exchange platforms but instead aims to form a strategic partnership to fully benefit from Bitcoin and other cryptocurrencies.
What Does PayPal Aim to Offer?
PayPal and Venmo aim to offer an opportunity to the customers to make secure crypto transactions. Therefore, Venmo will be taking the help of a company called Paxos, located in New York, which specializes in offering secure blockchain transactions for several digital assets.
Along with introducing a new crypto feature for the customers, the company also aims for Venmo to be viewed as a much bigger application than one that is simply used for making payments or transactions. Integrating crypto features in the Venmo app is a part of the future plans for Venmo where the users can receive direct payments in their Venmo accounts and the retailers can accept Venmo payments. It is safe to say that Venmo and crypto are the two prominent business units of PayPal, with the help of which the company can ultimately highlight that its digital wallets offer all-in-one services.