Retail investors may think Bitcoin is now too expensive to buy. But now, you can invest $1 in Bitcoin. PayPal has recently expanded crypto trading to its Venmo payments app. Users can buy and sell crypto currencies including Bitcoin and Ether, in amounts as little as $1.
The popular peer-to-peer payments app has more than 70 million customers. The new feature will let users instantly buy as little as $1 worth of Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), or Bitcoin Cash (BCH).
According to Venmo, there is a $20,000 limit in crypto purchases per week, and a $50,000 limit in a 12-month period. And the rule is that the investment must be worth at least $1. Venmo customers can use their existing Venmo balance to purchase bitcoin and other coins.
However, investors who own crypto in another wallet won’t be able to transfer their crypto to Venmo. Any crypto acquired through Venmo will only be accessible through the app and cannot be sent to another wallet. Also, users will not be able to send crypto to other accounts on or off Venmo.
Similar with the crypto trading services on PayPal, Venmo charges users mainly from the spread and a transaction fee for buying and selling crypto.
Crypto Giant Binance.US Hires Former Top Bank Regulator
Being able to interact with Bitcoin directly in the Venmo app is appealing for those who wouldn’t have ventured into the crypto. According to Venmo, the new crypto trading feature is more about getting crypto in front of a younger audience, with more of its users in their 20s and 30s.
As another industry headline, the former top bank regulator in the United States has joined Binance’s affiliate in the country.
Brian Brooks, Acting Comptroller of the Currency of the Trump’s administration, will become CEO of Binance.US.
“This is the company that’s most likely to give the biggest incumbent Coinbase a run for its money,” Brooks told CoinDesk referring to Binance. “It’s the best opportunity to build a fully compliant, but product-diversified crypto platform in the U.S.”
Current Binance.US CEO Catherine Coley will depart the company by the beginning of May.
The news comes as Chris Giancarlo, the former top U.S. commodities regulator, also joined crypto lender BlockFi’s board of directors.
The two key hires from the regulator world can be a positive signal for the prospects for Bitcoin and crypto in a broader regulatory context.