Venmo is the latest financial app to get into the cryptocurrency market. The PayPal-owned platform has launched a new crypto market feature that enables its users to buy, sell, and hold various cryptocurrencies directly in their account, simplifying the process for users who may otherwise be confused about how to set up and use a dedicated wallet app.
Cryptocurrencies refer to digital ‘coins’ that come in many varieties, some focused on privacy, others on convenience. The most popular crypto at the moment is bitcoin, and its continued rise has brought popular attention to digital assets. Many people, however, remain confused about how to acquire, hold, and trade the assets.
The new crypto feature is rolling out on Venmo as of today. Once you get access to it, you’ll be able to access cryptocurrency charts that show each coin’s performance over the recent past, as well as tools for buying and selling crypto assets. Venmo says it is also adding guides in the app to help users get started.
At this point, the app is offering support for only four popular cryptocurrencies: Bitcoin, Bitcoin Cash, Ethereum, and Litecoin; it’s unclear whether the platform plans to support other digital coins in the future. In addition to buying and selling, users can hold their crypto in Venmo — though, of course, you’d likely be better off putting your coins in a dedicated wallet if you plan to hold a considerable amount.
Venmo is the latest in a growing number of apps that simplify the crypto process for those who may not be comfortable with more complicated methods. Coinbase, for example, enables users to quickly purchase, hold, and sell a larger variety of crypto coins using a mobile app, likewise showing trends and current value.