Paypal launches crypto trading on Venmo app

Paypal' (PYPL) Venmo is releasing a feature today within the Venmo app which will allow users the option to store, buy and sell popular cryptocurrencies directly. Customers using crypto on Venmo can choose from four types of cryptocurrency: Bitcoin, Ethereum, Litecoin and Bitcoin Cash. Venmo customers can begin their crypto journey with as little as $1 by clicking on "Crypto" in the Venmo menu at the top right in the app.According to the 2020 Venmo Customer Behavior Study, more than 30% of Venmo customers have already started purchasing crypto or equities, 20% of which started during the pandemic. Crypto on Venmo is enabled through PayPal's partnership with Paxos Trust Company, a regulated provider of cryptocurrency products and services.PayPal was also granted a first-of-its-kind conditional Bitlicense by the New York State Department of Financial Services.Last month, the company has launched "Checkout with Crypto" services.