Venmo Made Cryptocurrency Payments Available to Users
PayPal's Venmo payment platform has made digital currency trading available, hitting the headlines once again after a bull rally in the winter of 2017.
Previously, Venmo was noted for giving a “motivational kick” to sellers by adding the ability for people to pay for services in the equivalent of digital currencies. Now, an audience of 77 million people can sell, hold and buy digital currencies in Venmo. All transactions can be managed directly in the application, and if necessary, you can link your bank card or account for more convenience when transferring funds. The list of crypto assets supported at launch includes: Bitcoin, Litecoin, Bitcoin Cash and Ethereum.
As an excursion into Venmo, a useful feature has been added to “demystify” rumors and gossip about digital currencies. That is, those who are not familiar with the cryptoindustry will be able to understand that cryptocurrencies have long become a common means of payment for millions of people around the world, and not a way to buy something on the darknet, for example.
The platform representatives did not mention the fee for the acquisition and use of cryptocurrencies in the statement, but they clarified that the fees will be similar to PayPal standards. Fixed 50 cents for transactions up to $25, 2.3% for financial transactions up to $100, and 1.5% for transactions over $1,000.
The platform is secured by Paxos, a partner company specialising in the security of transactions in the blockchain and ensuring the stability of the servers of PayPal cryptocurrency products.
PayPal itself is interested in more “socialisation” of payments. The company strives to ensure that users “get closer” to Venmo by encouraging merchants to accept in-app payments, giving customers the opportunity to choose the most convenient way to store and transfer funds. In addition, the company believes that cryptography will only spur the desire of customers to evaluate the new functionality and soon messages like: “Dave transferred $50 to Tom in BTC” will become as typical for us as ordinary bank transfers between cards or accounts.