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Venmo Adds Crypto Trading to Its App As Digital Currencies Boom

Venmo Adds Crypto Trading to Its App As Digital Currencies Boom



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  1. tldr; PayPal’s Venmo app has added the ability for users to buy, sell, and hold assets like Bitcoin and Ethereum within the app. It’s following the lead of parent company PayPal, which added crypto to its app in November 2020. Venmo users won’t be able to send crypto to each other, but crypto transactions can be shared in social feeds.

    *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.*

  2. This should be at the top of this subreddit. Literally the largest app that regular ass every day Americans use to instantaneously send each other money is now offering crypto.

    How are we not in fucking space suits right now? This is huge.

  3. With no withdrawal that’s kind of disappointing.

    Still good for adoption and spreading crypto awareness but I hope no new people get trapped holding a bunch of coins in the app

  4. New influx of people will drive the market up. I just hope the new people don’t get involved with scams and schemes. I am gonna assume that the new people will not do any research and just put in money referencing to the popularity. It’s gonna hurt.

  5. >When it comes to crypto, Venmo users won’t be able to send crypto to each other, but crypto transactions can be shared in the social feed, similar to other payments on the app.

    I would strongly advise against anyone sharing this information on their Venmo social feed. You’re just asking to get hacked by some social-engineering hacker or scammer

  6. Another huge piece of news and mainstream adoption continues!

    I pay my baby sitter for the kids on Venmo and see everyone’s payments in the social feed which I thought was super weird. Its kind of funny seeing what everyone pays each other for and I am always surprised to see how much action there is. I think it imported my phone contacts and now I always see my little sisters going out with their friends and buddies paying each other back on things. Pretty cool to see it getting used. I usually put my transactions to private though lol but still

    Now maybe they will start to request bitcoin from their friends, you have to be able to send it to each other at least right?

  7. Sorry if this seems like a derail, but with the China threads on the front page, I want to point this out: I think the future of bitcoin in China will be similar to what we see coming from venmo and paypal.

  8. >Venmo says that 30 percent of its customers have already started purchasing crypto or equites, 20 percent of which began during the pandemic. But, with Venmo itself lacking a trading option until now, those users would have inevitably been forced to make those investments elsewhere. Cash App, for instance, recently [noted](https://www.cnbc.com/2021/02/24/square-saw-1-million-users-buy-bitcoin-for-first-time-in-january-cfo.html) that 3 million people bought Bitcoin through its service in 2020 and 1 millon who were new to the digital currency did so in January alone. 

    Bulish.

    [Sauce](https://www.engadget.com/venmo-crypto-trading-app-100001103.html)

  9. I’m on the fence about this development. I get how it’s good for crypto in lowering the barrier to entry; it’s good that a major player in P2P money movement is getting into the market.

    But there is a lot of question marks for me. Are additional coins going to be added? Are people going to use it for investment or payment? Will the average user buy in?

    I’m not saying you’re wrong nor I’m saying I’m right, but I’m interested to see how this will play out. I’d like to read some more analysis and think on it.

  10. Holy shit this is insane! Extremely bullish news! The future of crypto remains promising! Props to everyone on this sub for building such a great community! I’m so happy I joined a month ago. Thanks for allowing me to creep and learn lol.

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