- Venmo has introduced cryptocurrency buying and selling on its platform
- The move had been anticipated for some months and allows its 70 million customers to experience crypto
- Purists may not like the use of CFDs, but it will help broaden the appeal of cryptocurrency
Venmo has introduced cryptocurrency trading on its platform five months after PayPal launched the same service. Venmo’s 70 million customers can now buy and sell BTC, ETH, LTC, and BCH within the app, offering another avenue for simple, safe trading of cryptocurrency. This may not please crypto purists, but the space has been crying out for a safe, easy gateway into the space for the masses and finally, through PayPal and now Venmo, we have it.
Welcome to the world of #crypto, now on Venmo. 🌎✨ Get started in the app with as little as $1.
— Venmo (@Venmo) April 20, 2021
Venmo Helps Increase Crypto Mass Adoption
Venmo had been expected to venture in the crypto world this year following its announcement at the same time as PayPal last year, but it has taken a little longer to launch their product. This is unsurprising given that they are a smaller operation than PayPal with fewer resources to throw at such a product. They have started with only three cryptocurrencies, although this is likely to grow over time if the new avenue is successful.
Crypto Purists Don’t Like CFD Usage
Crypto purists often decry platforms such as PayPal and Venmo because of their use of CFDs, which essentially means that buyers are taking out contracts on the coins rather than buying the coins themselves. However, the object of this new wave of crypto trading platforms is not to promote true cryptocurrency but to introduce interested users to the crypto space in a safe and simple manner. First timers are put off by the complexity of the ‘pure’ crypto experience, and so introducing them through easy to use apps is the best way to initiate the masses.
The best case scenario is that apps like PayPal and Venmo are a gateway into the real thing, with those who want to learn more able to investigate with a little knowledge already behind them.