Venmo is releasing a feature that will allow users the option to store, buy, and sell popular cryptocurrencies, PayPal announced on Tuesday. Similar to PayPal, Venmo will support four different cryptocurrencies: Bitcoin, Ethereum, Bitcoin Cash, and Litecoin. PayPal had said last year that Venmo would get support for cryptocurrencies.
You can get started with as little as $1, and transactions are managed from the app. Venmo said in a press release that it will begin rolling out the feature to some users today, and tells The Verge it anticipates that “most customers” will have access to cryptocurrencies in the app by the end of May.
Venmo’s support for cryptocurrencies could encourage more people to invest in them. PayPal reported in 2019 that Venmo had 40 million users; given the app operates like a social network, users may find cryptocurrency more approachable if they can see their friends buying and selling right inside Venmo.
Venmo is the latest payment app to offer support for cryptocurrency. PayPal allowed users to buy, hold, and sell cryptocurrency from the main PayPal app in November and added the ability for US users to make purchases with cryptocurrency in late March. And Venmo and PayPal competitor Square launched support for Bitcoin in its Cash App in 2018.