Venmo is adding support for cryptocurrency, starting today. The company says it will begin to roll out the ability for Venmo’s more than 70 million users to buy, hold and sell cryptocurrencies directly in the app, similar to the support Venmo parent company PayPal added late last year. Initially, Venmo will support four types of cryptocurrency: Bitcoin, Ethereum, Litecoin and Bitcoin Cash — the same that PayPal offers its U.S. users.
The company had already announced its plans to introduce cryptocurrency on Venmo in 2021. Both Venmo and PayPal support for crypto come by way of a partnership with Paxos Trust Company, a regulated provider of cryptocurrency products and services.
Though there isn’t much differentiation between what both PayPal and Venmo offers users today, the company explains that the move is more about getting cryptocurrencies in front of a separate, and arguably younger, audience.
“While there is some overlap between the bases, there are also a lot of customers who are discretely either PayPal or Venmo users,” explains Darrell Esch, Venmo general manager and SVP. “So this ultimately gives us a new group of customers who aren’t using PayPal day in and day out the ability to access [crypto] through Venmo.”
He says that Venmo skews younger, with more of its users