Venmo Users Can Now Buy Bitcoin and Other Cryptocurrencies
Venmo recently introduced a feature that will allow users to invest in cryptocurrencies.
Over 70 million users in the US now have access to crypto through the payment company’s service
Bitcoin and other cryptocurrencies have grown hugely in 2021, amid backing from Tesla and Paypal
Paypal’s mobile payment app, Venmo has launched a feature that will allow users to buy, sell, and store Bitcoin and other cryptocurrencies.
From Tuesday, users have been offered the opportunity to buy BTC, Ether, Litecoin, and Bitcoin cash from $1 upward.
The development follows Paypal’s recent initiative that allows users their crypto holdings to pay at millions of online merchants.
Venmo’s 70 million users make it one of the most popular digital payment services in the United States.
The price of Bitcoin and other cryptocurrencies have surged greatly in 2021 thanks to wider adoption and backing from many institutions.
Car company, Tesla invested the sum of $1.5 billion in the cryptocurrency in February and it also now accepts it as a means of payment in the US.
Despite strong backing from Bitcoin by many investors, many financial experts see it as a bubble that is waiting to burst.
Read also: More Nigerians Use Bitcoin Despite CBN’s Ban
At the time of this report, BTC is trading at $53,734, falling from an all-time high of $63,000 over the weekend.