Venmo, one of the most used social media like financial app has began rolling out crypto purchases, including bitcoin, ethereum, bitcoin cash and litecoin.
Venmo has 70 million users according to a Q4 report by its parent company PayPal, who now can buy and sell as little as $1 worth of crypto as well as share with their friends.
Users can “choose to share your crypto purchases on your Venmo feed with custom stickers and celebrate with our growing crypto community,” Venmo says, illustrating a tweet like statement: “It’s official, I now own Bitcoin.”
The Paxos Trust Company is acting as their custodian with Venmo stating it is licensed by the New York State Department of Financial Services.
So it is available in all of US, except Hawaii, with the crypto rollout to be gradual so some users might not quite see the option yet.
This comes after PayPal started offering bitcoin purchases last year and opened up bitcoin payments to its merchants.
Square and Robinhood likewise have incorporated bitcoin as cryptos now start gradually integrating with wider financial infrastructure.