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Venmo releases cryptocurrency trading on the platform

Venmo, a mobile payment service, announced on Tuesday (20) that its more than 70 million users will be able to buy and sell Bitcoin, Ethereum, Litecoin and Bitcoin Cash within the platform.

Venmo releases cryptocurrency trading on the platform

Venmo releases cryptocurrency trading on the platform (Image: CNBC)

The payment service belongs to the payment giant PayPal, which in March this year launched a service for merchants in the United States, that enables them to start accepting cryptocurrencies.

“Customers can view cryptocurrency trends, buy or sell crypto, and access in-app guides and videos to help answer commonly asked questions and learn more about the world of crypto…”, the company said in a press release.

Also, according to the note, customers of the service can buy cryptocurrencies from $1. It is possible to use funds from the balance available on Venmo itself, from a linked bank account or a debit card.

In the ad, Venmo did not mention the costs of buying and using cryptocurrencies. A company spokesman heard by Decrypt, however, said the fees would be the same as PayPal’s:

Fixed $0.50 for transactions under $25; 2.3% for transactions between $25 and $100; and 1.5% for transactions over $1,000.

The new functionality of Venmo was launched through a partnership with PayPal with Paxos Trust Company, a regulated provider of cryptocurrency products and services.

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