Today Venmo has announced that it has launched the ability to buy, sell and hold Cryptos (BTC,BCH,ETH,LTC) to its 70 million customers. I was curious and wanna be early adopter(?). So I was gonna try to buy some BCH in Venmo. I went to Google Play Store (since my phone is Android) and updated my Venmo App as I was already a Venmo user. I updated the App, then tried to find Crypto menu, but it wasn't there. I searched the info for a while and noticed that "The Crypto feature will be available to all users WITHIN the next few weeks" Well, I will wait for a while, then^^
NOTE: Please note that you cannot move any Crypto purchased from Paypal or Venmo to your wallet and you won't have private key. It is purely custodial. In the meantime, you can have to worry about your wallet management. Might be good or bad depending on how you think or how you will use.
Comments
The positive side of Paypal and Venmo is to let ordinary people to enter crypto world^^
I don't think having crypto held custodially with no option other than to sell it back to the custodian is really "entering the crypto world." Seems more likely to me that this type of "service" will help convince "ordinary people" that crypto is ONLY a speculative asset and keep them from properly entering the crypto world.
It looks like the typical announcement of an announcement that would pump prices for no reason, since Venmo was already announced this summer. These guys are learning fast.