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