US Simple Remittance App Venmo Launches Cryptocurrency Trading Service
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[Asia Economy Reporter Cho Hyun-ui] The U.S. peer-to-peer payment service provider Venmo has launched a cryptocurrency trading service.
According to CNBC on the 20th (local time), Venmo began offering trading services for four cryptocurrencies: Bitcoin, Ethereum, Litecoin, and Bitcoin Cash.
However, existing cryptocurrency holders cannot transfer their cryptocurrencies to their Venmo accounts, and cryptocurrencies purchased on Venmo cannot be transferred to other cryptocurrency wallets.
Venmo, a digital transfer service owned by PayPal, is mainly used for splitting bills among young people in the U.S. It has over 70 million users.
This move by Venmo follows PayPal's decision last October to allow trading of four cryptocurrencies, including Bitcoin, on its own platform.
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Darel Ash, Venmo's Senior Vice President, explained, "The goal is to simplify cryptocurrency trading and provide a platform where users can trade easily."
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