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More than 70 million users of the Venmo mobile payment service, created by PayPal, can now buy, sell, and store cryptocurrency inside the app. Users can choose between four digital currencies: Bitcoin, Ethereum, Litecoin, and Bitcoin Cash. The minimum transaction amount is $1.
Venmo also allows you to follow the course and calculate the profitability of each cryptocurrency. According to a press release from Venmo, about 30 percent of mobile payment service users use cryptocurrency to some extent and own shares. As a result, Venmo has developed a convenient method for storing cryptocurrency inside its own application.
Here’s how:
1. Tap the four lines button (☰).
2. Select either the “Explore” or “Manage” button.
3. Choose the cryptocurrency you want to purchase. You should see the current price listed.
4. Enter the amount you wish to purchase in dollars and tap “Review”.
5. You will be shown how much crypto you’re about to purchase, and any additional fees.
6. Tap the “Buy” button to complete your transaction. Now you’ve successfully purchased crypto!
Venmo does include a few limits regarding cryptocurrency purchases. You can only use your Venmo balance, debit card, or bank account to purchase crypto. You cannot make the purchase with a credit card. You are also limited to $20,000 cryptocurrency purchases each week and $50,000 within 12 months.
Keep in mind that while buying crypto is easy, it is just as easy for hackers to get access to your cryptocurrency assets. Make sure you take extra precautions to keep your crypto safe like using two-factor authentication applications, creating unique passwords, and purchasing a wallet. Learn more about protecting your crypto here.
Now that you know how to use this new feature, you can easily buy crypto on Venmo!