PayPal’s Venmo launches crypto buying and selling – Reuters

PayPal’s Venmo launches crypto buying and selling – Reuters

The German headquarters of the electronic payments division PayPal is pictured at Europarc Dreilinden business park south of Berlin in Kleinmachnow, Germany, August 6, 2019. REUTERS/Fabrizio BenschVenmo, the peer-to-peer payment service owned by PayPal Holdings Inc (PYPL.O), said on Tuesday it has started allowing users to buy, hold and sell cryptocurrencies on its app, a step that could inspire more mainstream adoption of the asset class.Venmo users will be able to buy bitcoin, ethereum, litecoin and bitcoin cash for as little as $1 and publish transactions on the app's feed, the company said.With more than 70 million customers, Venmo is one of the most popular payment apps in the United States, especially among younger consumers who use it to pay friends and family. It processed around $159 billion in payments last year.California-based PayPal has become one of the most active mainstream financial companies in cryptocurrencies.In October, it began allowing users to buy, sell and hold cryptocurrencies in its digital wallets and last month it started allowing customers to spend their virtual coins at millions of merchants globally.These launches helped to fuel a rally in virtual currencies. Bitcoin has soared nearly 90% since the start of this year, boosted by interest