"Venmo only supports the purchase and sale of cryptocurrency using your Venmo account," a Venmo FAQ says. As CoinDesk wrote today, "PayPal opened trading on select cryptocurrencies to US customers last November and began allowing users to pay with crypto in March." PayPal says that when users pay with cryptocurrency on PayPal, the service "automatically convert it into USD or other currency at no additional fee." No peer-to-peer crypto transactionsĪt least for now, Venmo does not support peer-to-peer crypto trades or the ability to transfer cryptocurrency from one account to another. The Venmo announcement did not say anything about paying for goods or services with cryptocurrency, but that ability could come to Venmo later. Each user is limited to $20,000 in cryptocurrency purchases each week and $50,000 during each 12-month period. Crypto purchases can be made for as little as $1, but each purchase has a minimum fee of 50¢. When it becomes available, users can get started "by clicking on 'Crypto' in the Venmo menu at the top right in the app," the announcement said. The feature is rolling out to some users today and "will be available for all customers directly in the Venmo app within the next few weeks." Users will be able to buy or sell bitcoin, ether, litecoin, and bitcoin cash. "Customers will have the ability to buy and sell cryptocurrency using funds from their balance with Venmo, or a linked bank account or debit card," the announcement said. “Whether that is essential to their business remains to be seen.The PayPal-owned Venmo service will let users buy, sell, and hold bitcoin and other cryptocurrencies within the Venmo app, the company announced today. “When they do market research, they hear lots of people saying, ‘We need crypto,’” said Eric Johnson, professor of business at Columbia Business School. That pressure is likely only magnified during a month like this, when Bitcoin rallied to yet another all-time high.
It also highlights how consumer-focused companies in today’s crypto-crazed world are feeling the pressure to provide services connected to digital coins and are willing to risk alienating - or confusing - a portion of their user base in order to keep up with the demands of a growing constituency for whom crypto is a new fact of life. Gongadze’s frustration echoes similar sentiments expressed across Twitter recently as avid Venmo users received multiple emails and notifications from the company touting the new offering, which first started in August. “I think crypto is stupid, and now this is just another place where I have to see it.” “I don't get the point of it, that's not what Venmo is supposed to be for,” said Gongadze, who uses Venmo a couple times a week. So when the 23-year-old, who works in public policy research in the Washington area, opened up her Venmo account recently, she encountered an unwelcome surprise - the payment app had rolled out its new “Cash Back to Crypto” feature, which allows credit cardholders to automatically purchase crypto from their Venmo account using the cash back they’ve earned from purchases. Whether it’s her friends talking about their latest gains or ads clogging up her newsfeeds, she can’t seem to escape the world of Bitcoin and digital wallets.
Salome Gongadze is tired of hearing about crypto.
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