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Venmo Allowing Users to Buy Cryptocurrency Through App

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Venmo, which has been traditionally used for exchanging money between friends, has recently released the ability to purchase, hold, and sell cryptocurrency using a new crypto section of the app.

MURFREESBORO, Tenn. - eTradeWire -- Over the past decade, Venmo has increasingly become popular for thousands of use cases. Youth sports teams often use Venmo to pay team fees and tournaments. Friends split bills for dinner and other outings using Venmo. Venmo has become synonymous with splitting costs shared among friends, business associates, and other connections.

Venmo's popularity as a cost splitting app among millions of users has fed on itself to allow the company and its decision makers to expand into new areas of the financial technology market. In 2018, Venmo started offering credit cards to go along with its fee-less payment system.

Making a bold move into one of the most talked about new technology fronts, Venmo recently broke into the cryptocurrency market , announcing to its users and to the public that it's now possible to buy, hold, and sell cryptocurrency through the Venmo app.

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In its first version of making cryptocurrency available, Venmo has limited the selection possible for trading to four of the most popular cryptocurrencies: Bitcoin, Bitcoin Cash, Ethereum, and Litecoin.

Venmo users who choose to trade cryptocurrency through the Venmo app will still have to go through the standard security checks for exchanging fiat money for cryptocurrency, including providing their legal names, addresses, last four of their social security numbers, and in most cases a copy of their driver license or other identification.

To learn more about this announcement, visit: https://thetechnologyvault.com/trading-cryptocurrency-through-venmo/
To learn more about cryptocurrency technology, visit https://thetechnologyvault.com/cryptocurrency/.

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Richard Robbins
***@thetechnologyvault.com


Source: TheTechnologyVault.com
Filed Under: Financial

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