Venmo mobile payment platform can now buy, sell or save in bitcoin
Now those who wish to make their purchases or make exchanges with bitcoin or other cryptocurrencies, just have to open the app, select the "crypto" option that appears in the drop-down menu and follow the system instructions. Venmo reported that operations can be carried out with the available balance, through bank accounts or linked debit cards.
Regarding the commissions that users must pay for trading with cryptocurrencies, Venmo established a ranking according to the volume traded. Those who buy or sell crypto assets between $ 1 and $ 24.99 will pay a one-time fee of $ 0.50 per trade.
If the exchanges are between 25 and 100 dollars, the operator must pay a commission of 2.3% of the amount traded. In the event that the amounts are between 100 and 200 dollars, the fee to be disbursed will be 2%. The percentage of commissions decreases as the amount traded on the platform increases.
Other established percentages are: 1.8% for exchanges between 200 and 1,000 dollars and 1.5% if the amount traded exceeds 1,000 dollars. Venmo recalled that the service is not available to residents of Hawaii and that operations are possible after the alliance that PayPal established with Paxos Trust Company.
It should be mentioned that cryptocurrency operations in Venmo can only be performed by verified users, that is, those operators who have already completed the identity validation process. Transactions cannot be executed from business profiles, only from personal profiles.
Cryptocurrencies within the Venmo app cannot be used to send money, pay for, or purchase products or services. Nor is it possible to carry out transactions with them between other user accounts within the app. In addition, there are weekly purchase limits of up to $ 20,000 and yearly limits of up to $ 50,000.
Venmo is a PayPal subsidiary that captured media attention last year after enabling cryptocurrency services among its users in the United States. In March PayPal expanded its support with bitcoin by activating payments at millions of US merchants.