Earlier, PayPal gave the entire Bitcoin market a boost in March when it launched a new “checkout with crypto” option that allows customers to pay merchants in cryptocurrency. Now the payment giant is poised to expand the reach of Bitcoin still further with a new crypto feature inside its popular peer-to-peer app Venmo. PayPal announced it has begun rolling out a crypto button for its 77 million Venmo users.
Venmo to allow users to send crypto in amounts as low as $1.
According to the announcement, the crypto button will let users instantly buy as little as $1 worth of Bitcoin, Ethereum, Litecoin, or Bitcoin Cash and send it to friends on the app. “Customers will have the ability to buy and sell cryptocurrency using funds from their balance with Venmo, or a linked bank account or debit card. All transactions are managed directly in the Venmo app,” the payment giant announced. The rollout of the crypto feature will also include a set of educational materials that the company says will “demystify” various aspects of Bitcoin and cryptocurrency.
The crypto industry continues to gain mainstream exposure.
The Venmo announcement is significant in many ways as it would allow the crypto industry more mainstream exposure. The new crypto feature is also likely to have a broader impact because Venmo encourages users to share their activity in a social stream visible to others—in practice, this means Venmo users will soon see messages like “Alice sent Youssef $50 of Bitcoin,” which would help bitcoin gain more exposure to the general public. Bitcoin has witnessed a massive winning rally this year as the price of the leading cryptocurrency reached new all-time highs. BTC traded as high as $64,000 this month.