In case there was any doubt about the rise of cryptocurrencies in our day to day, we now find that Venmo, Paypal’s subsidiary for payments between individuals, is beginning to implement support for the use of cryptocurrencies, covering from the outset the following digital currencies: Bitcoin, Ethereum, Bitcoin Cash and Litecoin.
As of today, it will be available to some users of the platform, according to the platform, with the expectation that it will become available to most of its users by the end of next May.
The rise of the use of cryptocurrencies among individuals
Venmo currently has more than 70 million users, being mostly young consumer profile users, having established itself as one of the most popular payment platforms in the United States.
According to a study, 30% of its users have decided to buy cryptocurrencies or shares, where a percentage of them decided to do so throughout the current Covid-19 coronavirus pandemic.
Its operation, as a social network, and with the majority of users with a young profile, could make more than one person to be encouraged to use cryptocurrencies for the first time, seeing how his friends carry out transactions through the use of cryptocurrencies.
The users They can buy, hold and sell cryptocurrencies starting at $ 1, managing all transactions within Venmo’s own mobile application.
It so happens that Paypal, the parent company, began to users to buy, maintain and sell cryptocurrencies since autumn of last year, expanding the possibilities at the end of last March, allowing users in the United States make use of cryptocurrencies for payments for your online purchases.
The launch of the feature reinforces PayPal’s commitment to educate its customers about the potential of digital currencies as they continue to grow and drives the understanding and usefulness of cryptocurrencies on a large scale.
Competing payment applications, such as Square Cash, have already had cryptocurrency support for some time, even for more than a year. For now Venmo focuses its service on the US market, although this does not mean that sooner or later, international markets will see the growth of payment services that begin to implement support for the use of cryptocurrencies among their users.
Image credit: Venmo