Venmo users can now hold and trade cryptocurrency
Venmo has joined the league of platforms that provide enabling environment for users to participate in the crypto market, giving to a need in deepening financial inclusion across board.
World payment solution giant Paypal Holdings, owns Venmo mobile app, a platform that has provided the right answers to bugling questions on money solutions to over 70 million users in the US and beyond.
Despite attempts to crackdown on crypto in recent time by the government of nations with Nigeria the most recent, this giant step by Venmo indicates that crypto is gradually making its way into the mainstream adoption.
Venmo is a mobile app available on both iPhone and android operating system, with a major responsibility to allow users send and receive money, now with a P2P feature to make it even seamless in advance transactions amongst peers.
Venmo was founded in 2012, Braintree however acquired Venmo for $26.2 million, which after a short boost Papal Holdings acquired Braintree for $800 million to finally control its user base.
Other strategic partnership by Paypal
Recall, Flutterwave a leading Nigerian fintech firm in March 2020 announced a strategic partnership with Paypal.
It was said, with this partnership Nigerians can now receive payments with their Paypal account through Flutterwave.
Before now, Nigerians can only send money via the Paypal channel, however cannot receive funds as proceeds for services rendered or payment for goods and services.
With this strategic partnership in place, the ban is expected to take a nose dive to enhance deepening financial inclusion not only in Nigeria but in Africa’s sub region at large.
Highlights of cryto adoption on Venmo
Venmo took to its twitter page on Tuesday to announce its readiness to go live with crypto on its platform.
Through its managing director, Darrell Esch and senior vice President said,
“Our goal is to provide our customers with an easy to use platform that simplifies the process of buying and selling cryptocurrencies, through this, we have answers to some of the questions the consumers may have.”
To birth this dream was a customer survey conducted by Venmo in 2020, which brings to fore that about 30% of its customer base have traded on crypto, while another 20% participated during and post COVID-19.
Paypal’s entrance into crypto market
Paypal’s involvement in crypto dated back to October 2020 where it allowed users to hold and trade bitcoin and related crypto assets in its digital wallets.
Sequel to this, Paypal commenced allowing users to spend their Cryptocurrency at millions of merchants stores in the US and globally.
It can easily be conceived that the pandemic led to a boom in the online payment industry, to this end a number of businesses see crypto as a good adoption/inclusion to their enterprise.