Users can now freely buy crypto via Venmo as a result of the crypto exchange's collaboration with PayPal which owns the mobile payment service.
Image from KuCoin
KuCoin has worked with a digital wallet and peer-to-peer payment solutions provider Venmo to enable users to conveniently buy crypto on the USD market supported by P2P merchants on the exchange's P2P Fiat Trade service. This is aligned with KuCoin's philosophy as one of the most globalized cryptocurrency exchanges, since KuCoin has been expanding its fiat gateways. Through KuCoin's P2P fiat trade and cooperation between third-party payment service providers, they now support the purchase of crypto assets with more than 50 fiats currencies, lowering the threshold for global users to enter the crypto world.
This is a huge milestone for KuCoin in driving cross-border payments in the crypto-economy era. Venmo is one of the world’s largest mobile payment service owned by PayPal, and is largely responsible for helping to drive PayPal's revenue growth. With a market valuation of over $38 billion that provides a peer-to-peer (P2P) payment available on iPhones and Android phones, the Venmo app allows for a quick and easy exchange of money directly between individuals. In the second quarter of 2020, it had served over 350 million consumers and are expected to face rising demand and traffic in view of the current global conditions.
Image from KuCoin
The headline made further assertion that perhaps the future market value offered by crypto can no longer be ignored by conventional payment operators, and are now even prepared to risk undermining their own fiat-based platforms. PayPal has clearly seen all the momentum Cash App has had with crypto and wants a piece of the action, and have seen Venmo as a possible way to develop a similar, sustainable business model. In this sense, Venmo is particularly important, especially the payment data shared by Venmo, which does have a strong millennial user base, reflects the discrepancy between how much crypto-native experts want (decentralization) and actual users (simple one or two-click instantaneous payments).