Popular payment app Venmo just announced it will soon allow customers to use different forms of cryptocurrency on its platform.
Venmo’s site explained the change and invited users to get into cryptocurrency and explore using it. It told users they can start “with as little as $1” and their first purchase “doesn’t have to be huge,” adding they can use payback from a previous coffee run to buy it.
Venmo’s website states, “Crypto is volatile, so it can rise and fall in value quickly. Like all currencies, there’s potential for gains and losses – so be sure to take it at a pace you’re comfortable with.” Users will be able to choose from four different types of cryptocurrency including Bitcoin, Ethereum, Litecoin, or Bitcoin Cash. People who use the app might not see the cryptocurrency option immediately available as the company rolls it out on the platform. Venmo will have videos on its platform for customers to learn how to use bitcoin and other forms of cryptocurrency.
“No matter where you are in your cryptocurrency journey, crypto on Venmo will help our community to learn and explore cryptocurrencies on a trusted platform and directly in the app they know and love,” Darrell Esch, senior vice president and general manager of Venmo, said in a statement.
According to Fortune reporting, Venmo said that after conducting a customer survey in October, it discovered that 30% of the app’s users were already trading crypto or stocks.
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