Venmo is taking a big step forward today with a crypto update that allows buying, selling, and holding certain cryptocurrencies in its app.

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Let’s take a look at everything you need to know about the crypto update to Venmo.

• Venmo users are able to make use of the cryptocurrency trading feature in this update with just $1.
• The feature is under the “Crypto” option in the app and it also includes other benefits for users.
• That includes the ability to track cryptocurrency trends, look over crypto guides, and watch videos answering commons questions about digital assets.
• Users that want to can also share their crypto activity on the Venmo feed.
• The Venmo crypto update only allows users to buy, sell, and hold certain cryptocurrencies.
• That includes Bitcoin (CCC:BTC-USD), Ethereum (CCC:ETH-USD), Litecoin (CCC:LTC-USD), and Bitcoin Cash (CCC:BCH-USD).
• Venmo not offering Dogecoin (CCC:DOGE-USD) seems like a real missed opportunity considering today is Doge Day.
• While the crypto feature launches today, it may take a few weeks before all users see the update.

• Venmo said that it introduced this update due to the increasing use of crypto from its users.
• Its 2020 Venmo Customer Behavior Study showed that more than 30% of customers were already investing in crypto.
• This also builds on PayPal’s (NASDAQ:PYPL) plans to expand its business into the crypto market.
• PayPal owns Venmo and holds a conditional Bitlicense from the New York State Department of Financial Services (NYDFS).
• This is what allows PayPal and Venmo to offer cryptocurrency through the app.
• PayPal has been increasing its crypto offerings of late, which includes accepting it for merchant payments.
• However, the company doesn’t pay the merchants in crypto and instead exchanges it to an analog currency.

PYPL stock was up 1.4% as of Tuesday morning.

Investors that are interested in learnings more about recent crypto news are in luck.

InvestorPlace.com is offering extensive coverage of cryptocurrencies to keep up with the demand from investors. That includes SafeMoon (CCC:SAFEMOON-USD), Cardano (CCC:ADA-USD), MediBloc (CCC:MED-USD), and others. Learn more about that at these links.

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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article.