PayPal’s Venmo payment service, which has over 60 million customers in the U.S. alone, will add the ability to transfer in cryptocurrency.
Users of PayPal’s parent platform received a similar opportunity last June. PayPal clients can work with BTC, ETH, BCH and LTC, but the list of supported by Venmo cryptocurrencies is unknown yet.
“Customers will be able to transfer cryptocurrency assets not only between Venmo accounts, but also to PayPal accounts and external wallets, including cryptocurrency exchange addresses,” the company said in a statement.
The Venmo platform remains quite popular in the U.S., with fiat currency transfers totaling $245.3 billion last year.
At the moment, there are not many cryptocurrency users in the U.S. – according to a recent Pew Research Center study, two-thirds of Americans do not trust digital assets.
At the same time, 17% of respondents said they had invested or traded in cryptocurrencies.
In February of this year, PayPal reported that the amount of cryptocurrencies in the company’s customer accounts had begun to decline.