Following the lead of its parent PayPal, Venmo is set to start letting its 70 million users buy, hold and sell cryptocurrency directly within its app.
Users can buy as little as $1 worth of Bitcoin, Ethereum, Litecoin and Bitcoin Cash from within the app using funds from the Venmo app or a linked bank account or debit card.
Customers can also view cryptocurrency trends and access in-app guides and videos to help answer commonly asked questions.
PayPal already lets its users buy, hold and sell cryptocurrency and recently added the ability to pay at millions of online merchants around the world with the likes of Bitcoin.
A Venmo survey shows that more than 30% of its customers have already started purchasing crypto or equities, 20% of which started during the pandemic.
Darrell Esch, SVP and GM, Venmo, says: "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.
"Our goal is to provide our customers with an easy-to-use platform that simplifies the process of buying and selling cryptocurrencies and demystifies some of the common questions and misconceptions that consumers may have."