The Venmo mobile payments app is going to look very different in 2021 as it inches closer to neobank territory with expansions into budgeting, saving and cryptocurrency, said Venmo parent company PayPal, during its fourth-quarter earnings on Wednesday. The company also plans to put its $4 billion Honey acquisition to work by integrating its suite of shopping tools into the Venmo app, including merchant offers, deals, price tracking and wish lists.
PayPal already signaled its intentions to bring cryptocurrencies to Venmo. The company entered the crypto market last November by adding support for buying, holding and selling cryptocurrencies in the U.S. through a partnership with the regulated crypto services provider, Paxos Trust Company. At the time, PayPal noted it would bring a similar feature set to its Venmo app during 2021.
That time frame is still on track, PayPal confirmed during its earnings call with investors.
The company said, in the next few months, Venmo users will gain the ability to buy, hold and sell crypto inside the Venmo mobile app, along with other “investment alternatives.” (This statement refers to PayPal’s work with central banks who are developing their own digital currencies on the blockchain.)
Continue reading Venmo to gain crypto, budgeting, savings and Honey integrations this year on TechCrunch
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