Famous digital wallet Venmo is the latest to jump on the Bitcoin craze. According to a press release, the digital wallet company with over 60 million active customers will now enable users to buy and sell cryptocurrencies on its app. This is part of its larger vision to venture into alternative currencies.
In addition to enabling Bitcoin buying and selling, Venmo has opened up its platform to Ethereum, Bitcoin Cash, and Litecoin.
With Tesla (NASDAQ:TSLA) presently accepting Bitcoin as payment for vehicles and accessories bought and Coinbase going public last month, Venmo's Bitcoin and altcoin integration is a tremendous opportunity for mass adoption and growth of the premier coin and the other alternatives.
Albeit integrating the holding, buying, and selling of Bitcoin, Venmo as stated by the press release will not allow users to send this coin to others as a payment option.
Whilst Dogecoin, the meme cryptocurrency has experienced massive growth in the last few months partly from Elon Musk’s interest and tweets, it is quite surprising that Venmo did not enlist it but rather settled for the mainstream cryptos — Bitcoin, Ethereum, Litecoin, and Bitcoin Cash.
With Bitcoin price plummeting rapidly, this integration, as well as First Foundation’s partnership with NYDIG, may be the driving force for a future rise in price.