Venmo Gets Into Crypto, Allows Users to Buy Bitcoin, Ether

Venmo Gets Into Crypto, Allows Users to Buy Bitcoin, Ether

Venmo said Tuesday, April 20, that they will now allow users to buy and sell cryptocurrencies on its app. This makes Venmo the latest mainstream financial platform to jump into an alternate currency like bitcoin.

In addition to Bitcoin, Venmo will also be offering Litecoin, Ethereum, and Bitcoin Cash for trade. Crypto users normally consider these among the top mainstream digital currencies. On the other hand, even though social media announced and celebrated Doge day on Tuesday, Dogecoin is not on the list for trading on the platform.

Crypto users will be able to publish their purchases or sales on Venmo’s social feeds as well. Venmo will only allow users to buy, sell, and hold cryptocurrencies. Notably, the company is not allowing every user to send these currencies as a form of payment between users.

The news comes amid a good beginning for crypto. As such, Bitcoin has attracted tremendous interest, particularly in the last 18 months. Its price has held steadily above $50,000, and the value of other cryptocurrencies has been on the rise. Digital currency trading platform Coinbase also went public earlier this month, earning a company valuation of more than $80 billion.

Additionally, companies like Tesla (NASDAQ:TSLA) are now accepting Bitcoin as a form of payment for their cars and now hold some crypto on their balance sheet as well. Finance giants including Mastercard (NYSE:MA) and Visa (NYSE:V) are also trying to stream crypto payments on their networks.

Not just these, but Goldman Sachs (NYSE:GS) will also reportedly soon allow its private wealth management customers avenues to invest in bitcoin and other digital currencies. Morgan Stanley (NYSE:MS) announced as well that it would offer its wealthy clients access to bitcoin funds.

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