Venmo Announced Support for Cryptocurrencies on its App
Venmo has announced the support for the cryptocurrency; more than 70 million of its customers can now have the facility of transacting with cryptocurrencies on its app. This valuable addition will make the portfolio of Venmo more interesting as the app now offers a holistic portfolio of solutions for spending and managing their money.
The new feature of crypto on the app will allow the customers to purchase, sell, and transact with cryptocurrencies and help them clarify their doubts and commonly asked questions. Customers can choose from four categories – Bitcoin, Bitcoin Cash, Litecoin, and Ethereum. An option of Venmo feed is also available using which customers can choose to share their experience of transacting with cryptocurrencies with their friends.
This development is a welcome step, especially when expanding the scope of cryptocurrencies among the general public. The Venmo app is top-rated, and the account has a large number of users which will help develop the Horizon and scope of cryptocurrency operations across the globe. According to cryptocurrency experts, more such developments will help ensure the widespread adoption of digital coins and meet the intended target well before the time.
A consumer behavior study conducted by Venmo in 2020 pointed out that more than 30% of its user base has already started dealing in cryptocurrencies, with 20% of this total number becoming active during the pandemic. The company is confident that this new crypto feature will help expand its customer base in the future.