Venmo launching crypto feature to buy and sell Bitcoin, other digital currency
A new feature coming to Venmo is making it easier for users to claim a stake in cryptocurrencies like Bitcoin.
On Tuesday, the digital payments app owned by PayPal announced a crypto option, which would allow its users to buy, sell and hold cryptocurrency.
Customers will get to choose between four types of cryptocurrency: Bitcoin, Ethereum, Litecoin and Bitcoin Cash.
Venmo users can hold a stake in cryptocurrency starting with as little as $1. They can also share their acquisition of digital currency on their feeds.
"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," said Darrell Esch, senior vice president and general manager of Venmo, in a statement.
Along with the ability to manage cryptocurrency, Venmo will provide guides within the app to learn more about how cryptocurrency works.
Digital coins such as Bitcoin have boosted its legitimacy in recent weeks, as large companies allow its use for purchases. Last month, PayPal announced it would let users pay for goods at checkout using cryptocurrencies. Meanwhile, Tesla said it would accept Bitcoin as a form of payment.
Even digital currency created as a joke is taking off. As of Monday evening, the price of Dogecoin, inspired by the popular Doge meme, reached 39 cents and last week hit a market value topping $40 billion.
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