Venmo – the mobile and social payment company owned by Paypal doesn’t feel bearish about the market and neither should you. The leading payment processor announced on April 20 that it was launching a Fiat-On-Ramp service, which will allow users to purchase crypto-assets with even a $1 minimum. It currently supports Ethereum, Bitcoin, Bitcoin Cash, and Litecoin, but there’s little doubt that more assets will be supported in the future.
The current atmosphere in the crypto market is undoubtedly bearish with most assets showing double-digit losses over the past 3 days. However, the news coming from different sources suggests that the fundamentals and adoption metrics have never been stronger. During the last bull run of ’17-’18, the crypto infrastructure wasn’t as much developed as today. Now, everything has changed.
There’s something more. Since Venmo isn’t merely a payment processor, but a social platform also. It’s allowing users to share their crypto purchases over the Venmo feed and use special stickers to show their crypto taste. The virtual currency trading activity is powered by Paxos Trust Company and licensed by the New York State Department of Financial Services.
Venmo has an active user profile of over 70 million people! Now, all these people have exposure to base digital assets, a list that will no doubt be expanded in the future. The service is making it extremely convenient for anyone with a basic account to buy and sell cryptocurrencies. An astronomical amount of money is likely to flow into crypto, judging by this great news.
Venmo is a social payment processing company, which offers a variety of benefits for its users. Unlike Paypal, it offers a simplified and more fun way of sending/receiving payments. Its users can split payments, request money and transfer funds to/from the bank accounts. The service offers a debit card for that purpose too. Since both Android and iOS applications are offered, Venmo integrates with your smartphone. This offers an intuitive way of money dealing with friends and family.