PayPal’s Venmo mobile payment app will allow users to buy and sell cryptocurrencies, a move that will likely boost confidence in digital currencies and blockchain technology even further.
Starting Tuesday, Venmo will show users a new feature that lets them invest in four different cryptocurrencies — bitcoin, ether, litecoin, and bitcoin cash — with a minimum spending requirement of $1.
The move by the popular app could certainly create an ease of transaction for cryptocurrencies. With more than 70 million users, Venmo is one of the most popular digital payment services in the U.S., particularly among younger Americans.
Bitcoin and other digital currencies have surged in price in 2021 as institutional investors have expressed more interest in digital assets. Major companies like Tesla and Paypal have invested as well as BlackRock Asset Management and Mass Mutual.
Elon Musk’s Tesla bought $1.5 billion worth of bitcoin earlier this year, and now accepts bitcoin as payment for its cars.