Venmo announced earlier today (US time) that it will add a cryptocurrency business segment to its more than 70 million users. This move will allow users to directly buy, hold, and sell cryptocurrencies such as Bitcoin, Ethereum, Litecoin, and Bitcoin Cash in their apps.

This move is similar to Venmo’s parent company PayPal, and PayPal announced at the end of last year that it supports cryptocurrency as a payment method. At present, Venmo’s platform will support four cryptocurrencies: Bitcoin, Ethereum, Litecoin and Bitcoin Cash .

Darrell Esch, Vice President and General Manager of Venmo, pointed out that “Venmo’s adoption of cryptocurrency is a new way for the Venmo community to begin exploring the crypto world. In the Venmo environment they trust and rely on, it will become a key component of the daily economic life of community users. section.”

At the same time, this move seems to be aimed at young users of the platform. From a national perspective, Venmo is more inclined to users in their 20s and 30s.

Esch pointed out in the statement: “No matter where you are in the cryptocurrency journey, the cryptocurrency on Venmo can help our community users to learn and explore cryptocurrency directly on the application platform they know, love and trust.”

He added: “Our goal is to provide our customers with an easy-to-use platform, simplify the process of buying and selling cryptocurrencies, and solve some common problems and misunderstandings that consumers may have.

拥有7700万用户的Venmo宣布新增加密货币业务板块 So what does the launch of Bitcoin, Ethereum, Litecoin and Bitcoin Cash mean?

According to Venmo’s 2020 customer research, more than 30% of users have purchased cryptocurrency, and the company processed approximately $159 billion in payments.

Venmo will use social feeds in the app to prompt users and disseminate information about cryptocurrencies to users. Users will be able to share their encrypted transactions into their information stream like social media posts.

When users share their progress in using cryptocurrency on the app, the community will create awareness and gatherings around the theme of cryptocurrency .

Venmo also stated that it will release videos and guides to answer questions in the app for users who have just started their cryptocurrency journey.

拥有7700万用户的Venmo宣布新增加密货币业务板块 At the end of last year, PayPal began to allow users to buy, sell and hold cryptocurrencies in its digital wallets. In March of this year, it began to allow users to use cryptocurrencies in millions of merchants around the world.

Last month, the payment giant stated that it has agreed to acquire Curv, a startup that helps customers securely store digital tokens, for nearly US$200 million, while also establishing a new business focused on blockchain technology. Department, let Curv join it.

Venmo also mentioned that its cryptocurrency function was developed in cooperation with the blockchain infrastructure company Paxos, and PayPal also uses the platform in its digital asset and currency plans.

While Venmo launched cryptocurrency, competition in the U.S. peer-to-peer payment field is also intensifying.

Since 2018, Venmo’s competitor Square Inc.’s Cash App has allowed its users to purchase cryptocurrencies through the platform, and financial technology companies such as US broker Robinhood also allow the purchase and sale of cryptocurrencies.

Venmo’s cryptocurrency business section will be officially released today, and it is expected that all its users will be able to use it in the next few weeks.

The original text comes from bitcoinist, compiled and compiled by Blockchain Knight, the English copyright belongs to the original author, please contact the compiler for Chinese reprint.