Paypal and Venmo to offer Crypto buying and selling

Pretty big news for the crypto market at large. Access to 325 million users is huge!

No word on what cryptos will be offered or when.

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This could be great news for all those who had been looking forward to investing in cryptocurrencies. I think Paypal and Venmo recent steps will definitely increase the popularity of cryptocurrencies among the traders. In the coming time, we can expect more and more investment in cryptocurrency.

Definitely continues to lower the barriers towards greater adoption. Let’s see if they put any dollars into marketing these advances.

Wonder what the spread will be! :sweat_smile:

Probably similar to Coinbase and Square. Variable fees anywhere between 1-2% based on transaction size.

PayPal transactions generally run at a little below 5% !

I thought “Anonymity” was a part of the “Crypto USP” ? - THAT does NOT coincide with Paypal !

That has gone away with AML requirements dictated by the exchanges. The Crypto USP is back to fulfilling dreams of buying luxury sports cars and sticking it to the banks.

Yes I agree that the Anonymity has gone away - and now it seems to me that “crypto” has degenerated into just a “commodity” - a “Commodity” with no intrinsic utility whatever !

So what is the point of it ? (Other than simply as an instrument to gamble on ? )

The list is growing.

  • Smart contracts
  • Decentralized data storage
  • Decentralized supercomputers
  • Digital Identity verification
  • Private transactions
  • Decentralized applications, dApps
  • Internet of Things data security
  • Asset management through tokenization (digital and tangible goods)
  • Payment systems, remittances, micro loans
  • Supply chain management

Many of these are enterprise applications, but several are being utilized in a retail/consumer fashion.

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That project finally became a reality a few days ago.
70 million Venmo users across the U.S. will now be able to buy, sell and store digital currencies including Bitcoin, Bitcoin Cash, Litecoin and Ethereun.
Venmo, a mobile payment service owned by PayPal, said that it will allow users to trade with crypto coins directly through their Venmo mobile payment app, using as little as 1 USD.
In a similar move, earlier this year PayPal allowed its users to pay with crypto currencies at all the 29 million online merchants the company provides services to.
Who would have thought that PayPal would be one of the first companies to jump on the crypto bandwagon.

Hmmm, I’m not seeing it in-app. Perhaps a phased release?

I haven’t tried it myself. It’s possible it’s a phased release.

Paypal has released to the US. Saw the app changes the other day actually. There’s a new Crypto tab, and you can buy BTC, ETH, BTC and LTC.

So it all works now?

Bought some BTC to try it out. It was super simple. Not much in the way of additional features - only a simple chart with 24h, 1W, 6M, and 1Y timeframes. My balance in BTC and its value in USD.

And that’s it!

Wait, it has a trading chart too? I assumed it’s just a payment option.

Price chart, but nothing else other changing time frames. Clicking on the chart doesn’t give you any additional price information based on your selection along the timeline. So very very basic.

I see, thank you for clarifying!
I am not surprised it’s basic, really, they never purported to be an exchange or anything.

They’re a giant, so they’ll take baby steps, but it was probably a necessity to take to compete with Cash app. Cash app saw increases in user engagement with their own introduction of crypto buying. So the bar keeps rising.

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I wonder what happens now that Bitcoin crashed so much though.