Venmo has officially entered the cryptocurrency space, allowing its 70 million users to buy, sell, and hold popular cryptocurrencies like Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), and Bitcoin Cash (BCH) directly within the app. This move aligns with parent company PayPal’s earlier integration of crypto services and reflects the growing mainstream adoption of digital currencies.
How to Access Crypto on Venmo
- Open the Venmo app and tap the menu icon (☰) in the top-right corner.
- Select the Crypto option.
- If unavailable, update the app via the App Store or Google Play.
Once enabled, users can:
- Fund transactions using their Venmo balance, linked bank account, or credit card.
- Share crypto purchases/sales on their Venmo feed (optional).
- Start with as little as $1 to minimize risk.
👉 Explore secure crypto storage options for long-term holdings.
Why Venmo’s Crypto Move Matters
- Mainstream Accessibility: Simplifies crypto for beginners.
- Trusted Platform: Leverages Venmo’s existing user base and security.
- Educational Focus: Aims to demystify crypto through in-app resources.
Darrell Esch, SVP at Venmo, emphasized:
“Our goal is to provide an easy-to-use platform that simplifies buying and selling while addressing common consumer questions.”
Volatility and Risks
Cryptocurrencies remain highly volatile. For example:
- Bitcoin swung between $54,000–$64,000 in a single week (April 2021).
- Investors should only allocate funds they can afford to lose.
FAQ Section
1. What cryptocurrencies does Venmo support?
Venmo offers BTC, ETH, LTC, and BCH.
2. Are there fees for crypto transactions?
Yes. Fees vary based on transaction size and payment method.
3. Can I transfer Venmo crypto to external wallets?
No—crypto must stay within Venmo’s ecosystem for now.
👉 Learn more about trading crypto safely.
The Bigger Picture
Venmo’s 2020 survey revealed:
- 30%+ of users already dabbled in crypto/stocks.
- 20% began during the pandemic.
This rollout further blurs the line between traditional finance and decentralized currencies, signaling a pivotal shift in payment apps’ roles.
For further reading:
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