PayPal-owned online payment system has officially launched Crypto on Venmo service.
The new service allows users buy and sell cryptocurrencies in the app, starting with a investment of only $ 1.
Until now, it is possible to buy and sell Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC) and Bitcoin cash (BCH) in the app, although deposits and withdrawals are not allowed.
Unlike the counterpart service launched in the US by PayPal, it is not yet possible to send cryptocurrencies to other users or use them for spending. At the moment, it is only possible buy and sell on Venmo.
However, in the same way that PayPal's crypto services were not all launched at first, Venmo may launch other cryptocurrency-related services in the coming months, such as the ability to use cryptocurrencies to make payments or send cryptocurrencies to other users. by Venmo. However, when it comes to token deposits and withdrawals, it may take a bit longer, as even PayPal hasn't enabled them yet.
The resounding success of PayPal's cryptocurrency trading service in the late 2020s and early 2021s suggests that the Venmo service could also be a success.
Crypto on Venmo for 50 million users worldwide
The online payment application launched in 2009 now has more than 50 million users worldwide, all of which will be able to buy and sell cryptocurrencies in the coming days.
Venmo had $ 450 million in sales last year, handling payments with a total annual volume of nearly $ 160 billion, and its valuation is around $ 40 billion. In the event that the new crypto service takes off, it is possible that, as with PayPal, its valuation could rise considerably.
For example, In the last 12 months, the value of PayPal has more than doubled, and although just under half of this growth occurred before the announcement of the new crypto service, since it was announced in November 2020, the value of its shares has increased by 40%.