70 Million Venmo Clients can now Trade and Store Bitcoin
Following PayPal's steps, Venmo nowsupportsthe trading and storing of four coins, including Bitcoin. Venmo will also be releasing video guides to answer some frequently asked questions. The move now heaps more pressure on competing giants like Google, Apple, and Facebook to integrate cryptocurrencies in their payment apps.
Crypto adoption begins by integration, and soon more players will announce support for Bitcoin and others. Venmo, Square, and PayPal crypto support gives them a first-mover advantage. It also sets the ground for even more accelerated adoption in coming years at a time when crypto use is coming closer to mainstream adoption. Already, data reveals that some of their 70 million customers have begun buying cryptocurrencies.
Impact on the BTC Price:
Bullish. Venmo processes crypto purchases as low as $1, encouraging more people to buy coins of which BTC is ahead of the queue. Building on this news, theBTCUSD price recovered, closing above $56k.
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