Venmo, currently ranked the second most popular financial app in the US has launched its much awaited cryptocurrency offering to its 52M+ users marking yet another milestone for Litecoin adoption and accessibility. Alongside Litecoin, Venmo users will also have access to buy, sell and store Bitcoin, Ethereum and BitcoinCash directly within the app starting with $1.
With crypto on Venmo, customers can view cryptocurrency trends, buy or sell crypto, and access in-app guides and videos to help answer commonly asked questions and learn more about the world of crypto. Customers using crypto on Venmo can choose from four types of cryptocurrency: Bitcoin, Ethereum, Litecoin and Bitcoin Cash. When they make transactions, customers can also choose to share their crypto journey with their friends through the Venmo feed.
Venmo as a platform has grown exponentially in the last few years from a total payment volume (TPV) of $2.3Bn in 2014 to $159Bn in 2020 and this trend does not appear to be slowing down anytime soon. Users have already been sharing their screenshots online of themselves purchasing Litecoin and sharing the news on their feed. Darrell Esch, SVP and GM @ Venmo spoke of the launch:
"Crypto on Venmo is a new way for the Venmo community to start exploring the world of crypto, within the Venmo environment they trust and rely on as a key component of their everyday financial lives. No matter where you are in your cryptocurrency journey, crypto on Venmo will help our community to learn and explore cryptocurrencies on a trusted platform and directly in the app they know and love. Our goal is to provide our customers with an easy-to-use platform that simplifies the process of buying and selling cryptocurrencies and demystifies some of the common questions and misconceptions that consumers may have."
As a subsidiary of Paypal (which also has Litecoin support on its platform), Venmo has grown rapidly and innovated with changing trends in the financial landscape. According to the initial PR posted in April, both companies will continue to push forward with a strong commitment to the ever growing world of crypto currencies.
The launch of the feature furthers PayPal's commitment to educating its customers on the potential of digital currencies as they continue to grow and drives understanding and utility of cryptocurrencies on a mass scale.