Venmo users can now trade cryptocurrency, marking another crucial milestone in digital currency acceptance. News of the initiative broke in mid-April, and Venmo is already allowing its customers to buy, sell, and hold four major cryptocurrencies. Venmo representatives say they want to provide a simple platform for introducing users to the world of digital currency.
Venmo is a payment system that lets mobile users transfer money between each other and merchants. Customers can settle all sorts of bills, like splitting the tab at a restaurant or sharing rent or utilities. The service, owned by PayPal, deals exclusively with US customers.
News Highlights
- Venmo customers can buy, hold, and sell cryptocurrency.
- Acceptance of digital currency expands.
- Online gambling benefits from the crypto trend.
Venmo Says Yes to Crypto Trading
Venmo now offers users the opportunity to buy, hold, and sell Bitcoin, Bitcoin Cash, Litecoin, and Ethereum. Customers will be able to invest as little as $1.
People who already own cryptocurrency can’t transfer their altcoin from a personal wallet to a Venmo account. Nor can any digital coin in Venmo be sent to another e-wallet. But Venmo users can use their balance to buy digital currencies and fund their accounts with sales, all within the app.
Educating Venmo Users
This new setup aims to familiarize Venmo users with the workings of digital currency by allowing them to trade the coin on the open market. The Venmo website is hosting a series of guides, including video tutorials, on how cryptocurrencies work. Darrell Esch, senior vice president, and general manager of Venmo, stated the following:
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.
Darrell Esch
Cryptocurrency Online Payments On The Rise
While the new Venmo policy does not allow cryptocurrency payments from their app, the move is another sign of the growing acceptance of digital currencies. More and more people are choosing virtual currencies as investments as well as for online payments.
When you consider the growing popularity of internet commerce and the fact that more people are buying things via mobile devices, it is clear that the average consumer profile is changing with technology. The notion of a new global financial system is gaining steam.
Digital Currency Gaining Ground
The volatility of digital currencies has caused the general public to shy away from buying into the movement. But dozens of the world’s largest companies – Microsoft, Overstock, and AT&T among them – accept crypto payments. And cryptocurrency owners like the advantage of peer-to-peer transactions without bank oversight, which the blockchain allows.
Gambling Sites Eye New Opportunities
One of the things more people are buying with digital currency is a seat at the online casino table. When Bitcoin came on the scene more than a decade ago, it gave gamblers an avenue for making quick payments with the anonymity and security of blockchain technology.
Dozens of cryptocurrencies have tweaked the Bitcoin profile to appeal to more types of investors and payers.
Online Casino Crypto Promos
More real money online casinos have caught on to the crypto-payment trend by offering digital currency as an option for depositing and withdrawing. The speed and wide-ranging limits appeal to both minimum-bet and high-roller gamblers.
Substantial online casino bonuses and deals for digital currency deposits are popping up at gambling sites everywhere. As more people grow confident in cryptocurrency and gambling online expands, the trend in using digital money to fund casino and sports betting accounts should continue.
The Future Is Crypto
Cryptocurrency is shedding its uncertain reputation and becoming an unstoppable force in the world of finance. Venmo’s move to allow its 70 million users to put digital currency in their accounts is the latest sign of the trend toward virtual currency.
This mainstream acceptance of cryptocurrency in the US comes when online gambling is experiencing a growth spurt in the country. As more online casinos go live on the domestic front, more players will likely see that crypto is the way to go.
