Venmo, which is owned by PayPal (PYPL), just announced its more than 70 million customers can now buy bitcoin, ethereum, litecoin and bitcoin cash through the app! This is another step towards adoption and is some welcomed good news in an otherwise rough crypto week.
The reason I'm excited for more main stream app adoption is cryptocurrency can often feel confusing and inaccessible to new users.
Venmo opted to offer in-app guides and videos to help answer commonly asked questions and share information about the world of crypto. They are hoping that this new initiative "demystifies some of the common questions and misconceptions that consumers may have.
More than 30% of Venmo customers have already started purchasing cryptocurrency or equities, according to the payments company. They cited that 20% of those customers started doing so during the pandemic.
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Their announcement followed other crypto first with Coinbase direct listing at a valuation of $86 billion. Not to mention a wild 500% rally in Dogecoin.
We have spent years insisting that bitcoin, ethereum and other cryptos could revolutionize the world of finance. That hasn't happened yet, but it will and Venmo's announcement is another example of how crypto is creeping ever closer towards full blown mainstream acceptance.
The list other companies that recently began recognizing or accepting cryptocurrencies is growing with name like Tesla, Mastercard, and Visa. While banks like Goldman Sachs and Morgan Stanley will reportedly soon offer its private wealth management clients avenues to invest in bitcoin and other digital currencies.
The only issue is the new seems to be mute as the price of bitcoin has fallen to $54,831 and is struggling to reclaim the highs.
I'm trying to figure out what news would actually propel cryptos to the moon? Maybe Amazon accepting payments in crypto or how about a central bank coin? I cant tell you, but I will be keeping an eye out for the next catalyst for a move in either direction.
