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Paypal's “Venmo” platform adds the option to buy and sell cryptocurrencies

 


Venmo - a popular PayPal platform - specializing in processing online financial payments has joined the growing group of companies adding support and acceptance of cryptocurrencies.


The company announced a short time ago that it would allow users to buy, sell and keep cryptocurrencies within the app.



The integration of cryptocurrencies into the “Venmo” platform will open the gates for its 70 million users to track, buy and sell cryptocurrencies.


The integration of cryptocurrencies on "Venmo" will be facilitated by the parent company "Paypal" in cooperation with the popular cryptocurrency platform "Paxos".


Services will be launched today while most customers will be available within a week.

Venmo's crypto systems integration would pave the door for 70 million users:


Paypal has become one of the first corporate giants to provide payment and processing services.

Where the company merged and supported cryptocurrencies last year, which allowed American customers to trade 4 cryptocurrencies within the application and later opened the door for cryptocurrency payments to all users.

The combination of “Venmo” with cryptocurrencies would accelerate cryptocurrency acceptance and over 70 million “Venmo” users will be introduced to cryptocurrencies.


The decision to add cryptocurrency trading support from “Venmo” comes after the company conducted a survey in October 2020 to ask its clients for their thoughts on cryptocurrencies and understand their demographic, financial and purchasing behaviors that have changed over time and how Venmo can help them adapt to the new normal.

Survey respondents provided interesting insight into their spending and investments as more than 30% of “Venmo” users have already started buying cryptocurrencies or stocks, 20% of which started during the coronavirus outbreak.

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