Payments app Square made headlines — and dollars — when it integrated Bitcoin trading into its mobile platform back during the crypto bull market of winter 2017. Now, rival payments firm Venmo, owned by PayPal, is following suit by launching cryptocurrency trading for four major coins: Bitcoin (BTC), Ether (ETH), Litceoin (LTC) and Bitcoin Cash (BCH).
Beginning on Tuesday and set to be widely available within the new few weeks, Venmo’s 70 million+ customers will be able to buy, hold and sell crypto directly within the Venmo app. The launch is offering users access to in-app guides to help them to better navigate the cryptocurrency trading space and will encourage them to share their cryptocurrency experiences via the Venmo feed.
Venmo users will be able to buy as little as $1 worth of cryptocurrency and can use either funds from their Venmo balance or from a linked bank account or debit card to buy and sell their holdings.
Kristin Smith, executive director of the Blockchain Association has dismissed fears that the United States Department of the Treasury was close to cracking down on Bitcoin (BTC) and cryptocurrencies.
Indeed, rumors of the Treasury bringing money laundering charges against some financial institutions using cryptocurrencies began circulating on social media over the weekend.
The report emerged during a period of massive selloffs in the crypto space, with the market capitalization dropping over $240 million as Bitcoin slid to $52,000. In an interview with CNBC, Smith debunked the reports, stating that it was the Department of Justice’s remit to charge companies with money laundering.
In partnership with Crypto.com, a leading digital currency platform, Time Magazine is now accepting one-time crypto payments for its 18-month digital subscription. Users who elect to pay with Crypto.org Coin (CRO) will receive up to 10% cash back on their purchase. The digital subscription is valued at $49.
The option to pay with cryptocurrency is currently only available in the United States and Canada, with a global rollout scheduled for July 2021. Keith Grossman, president of Time Magazine, said the partnership with Crypto.com represents further innovations that will allow his publication to build on its existing community of 2.3 million subscribers.
Bharat Krish, chief technology officer of Time, described the cryptocurrency-as-a-payment option as the “next phase in Time’s continued digital transformation and is the latest example of how Time is embracing new technologies in order to build innovative products and offerings for all members of our community.”
This Daily Dose was brought to you by Cointelegraph.