Paypal was responsible for giving the entirety of the crypto market a boost in March when it launched a new “checkout with crypto” option. This gave users of crypto the option to pay with crypto, representing a landmark moment for cryptocurrency.
Paypal’s adoption of crypto is expanding however as they have now added a new crypto feature inside its popular peer-to-peer app Venmo. The company announced on Tuesday that they had begun rolling out a crypto button for its 77 million Venmo users. This will be designed in such a way that users of PayPal will be instantly able to purchase crypto.
“Customers will have the ability to buy and sell cryptocurrency using funds from their balance with Venmo, or a linked bank account or debit card. All transactions are managed directly in the Venmo app,” said the company in a statement announcing the news.
This feature will also include an educational section that intends to demystify myths about Bitcoin and crypto in general. This is will be aimed at skeptics who believe that crypto is essentially a bubble.
This Venmo announcement is significant, not just because of its size and influence. It will also allow users to publicly share their crypto purchases, therefore bringing it to the attention of people who otherwise would not be thinking of crypto. In the near future, messages on this app would read something like this. “Darren has just bought $50 worth of Bitcoin”, this would serve as a free advertisement for crypto and could result in an open conversation about crypto.
