Online payments system PayPal has recently announced it would start to add cryptocurrencies to its online marketplace as was previously reported.
The move will give anyone using PayPal the ability to purchase, sell, or store cryptocurrency on its platform later this year and moving forward.
Square had also started to adopt similar measures, and PayPal’s move also means its subsidiary Venmo will also begin adding cryptocurrency early in 2021.
The addition of Venmo adopting cryptocurrency is fairly significant in that Venmo had more than 26 million users on its platform in 2019 and that number has since grown steadily with the spread of the coronavirus in 2020.
Of course, this is nothing compared to the 346 million active accounts on PayPal but Venmo is gaining ground, especially among younger audiences.
It is no surprise that Venmo is the latest to join other online marketplaces in accepting cryptocurrency, and could be one of many in the months to come overall.
