“Get started with as little as $1. Your first crypto purchase doesn’t have to be huge. You can even use payback from yesterday’s coffee run to buy it.”
Oh, that always sound like a can’t-lose proposition, right?
Venmo is using that advertising phrase – displayed on its website — to promote a decision to allow purchasing cryptocurrency through its app.
Tuesday, Venmo announced that it will allow its 70 million monthly active users to buy and sell crypto on its platform.
Venmo will soon have access to bitcoin, ethereum and other digital tokens at a time when their value has never been higher.
With help from a CNBC story, here are few of the particulars:
Consumers have the option among bitcoin, bitcoin cash, ethereum and litecoin.
Venmo said the only limitation is that a customer’s investment is at least $1, and that will exist on his/her account within the app. It can be sold at any time.
If a customer already owns bitcoin – or any cryptocurrency – on another platform, or wallet such as Coinbase, they can’t transfer it, a company spokesperson told CNBC.
And, crypto purchased via Venmo will be accessible only through the app and cannot be sent to another wallet.
CNBC also reports that users will not be able to send cryptocurrencies to other Venmo accounts.
Don’t wanna use money from your bank? No worries. If you have Venmo, you likely have a balance. Use that!
As a caveat, CNBC advises: “Users who don’t have enough money in their balance can link a bank account or debit card to complete their purchases.”
There are myriad options for further study. Venmo’s website offers instructional videos to help navigate the murky crypto waters of 2021 — as well as an explanation of cryptocurrencies’ exact definition.