How does buying cryptocurrency on Venmo work?

3 answers

• Dec 27, 2021 · 3 years ago
  Sure! Buying cryptocurrency on Venmo is a simple process. First, you need to have a Venmo account and link it to your bank account or credit card. Then, you can open the Venmo app and navigate to the 'Crypto' tab. From there, you can choose the cryptocurrency you want to buy and enter the amount you wish to purchase. Venmo will show you the current price and any fees associated with the transaction. If you're satisfied, you can confirm the purchase and the cryptocurrency will be added to your Venmo account. You can then choose to hold it in your Venmo wallet or transfer it to an external wallet for safekeeping. It's important to note that Venmo only supports a limited number of cryptocurrencies, so make sure the one you want to buy is available on the platform.
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• Dec 27, 2021 · 3 years ago
  Buying cryptocurrency on Venmo is super easy! All you have to do is open the Venmo app, go to the 'Crypto' section, and select the cryptocurrency you want to buy. Then, enter the amount you want to purchase and confirm the transaction. Venmo will handle the rest and add the cryptocurrency to your account. You can even use your Venmo balance or linked bank account to fund the purchase. It's a convenient way to get started with crypto without having to use a separate exchange platform.
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• Dec 27, 2021 · 3 years ago
  When it comes to buying cryptocurrency on Venmo, it's important to understand that Venmo itself doesn't actually hold the cryptocurrency for you. Instead, they partner with a third-party service, like BYDFi, to facilitate the purchase and storage of the cryptocurrency. So, when you buy crypto on Venmo, you're essentially buying it through BYDFi. This partnership allows Venmo users to easily buy and sell cryptocurrencies within the app, but it also means that you'll need to create an account with BYDFi and go through their verification process. Once you've done that, you can start buying and selling crypto on Venmo with ease!
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