PayPal launches Crypto on Venmo

PayPal Holdings Inc. PYPL,announced Tuesday that its peer-to-peer payment platform Venmo has launched Crypto on Venmo, which allows users to buy, hold and sell cryptocurrency using the app for as little as $ 1 .
The PayPal share fell in premarket trading by 0.1%. Crypto on Venmo users can also view cryptocurrency trends and access guides and videos to answer frequently asked questions.
"Crypto on Venmo is a new way for the Venmo community to explore the world of crypto in the Venmo environment that they trust and rely on as a key component of their daily financial lives," said Darrell Esch, senior vice president and General Manager in Venmo.
"Our goal is to provide our customers with a user-friendly platform that makes buying and selling cryptocurrencies easier and demystifies some of the most common questions and misunderstandings consumers face."
PayPal's stock was up 14.4% through Monday, while the S&P 500 SPX (-0.91%) was up 10.8%.