Metamask announced on November 27th that users in the United States can use Venmo to purchase crypto. The announcement comes at a time when Venmo’s popularity has been growing tremendously, with more and more people using the digital app for payments.
According to MetaMask’s announcement, users of the application can initiate Venmo onramps via both MetaMask Extension and Mobile.
Venmo App Gains Market Popularity
MetaMask’s collaboration comes at a time when more and more people are adopting Venmo as a payment app. Through peer-to-peer networking, Venmo has seen exponential growth, similar to that of Facebook, Instagram, and WhatsApp.
While credit card-based payments are charged, Venmo does not charge users to send or receive additional money, in contrast to its rivals.
One of the most widely used payment-splitting apps among millennials is Venmo. For instance, roommates can divide the rent and use Venmo to pay the landlord their respective portions.
Additionally, because the shortfall amounts are taken from a major funding source, like a savings account, credit card, or debit card, users can still make payments even if their Venmo balances are insufficient.
The integration of Venmo applications in the crypto world is likely to bring more retail investors into the space.
MetaMask’s New Feature To Help Retail Investors
Crypto retail investments have seen a surge in the past, however, they still lag behind market expectations.
A non-professional investor who purchases and sells securities or funds that hold a basket of assets, such as mutual funds and exchange-traded funds (ETFs), is referred to as a retail investor or individual investor.
Retail investors typically trade in far smaller quantities than institutional investors and buy securities for their accounts.
With the new partnership, it is likely that more small traders will likely be able to use crypto payments for their personal use.
Retail Investors Go Beyond Memecoins
At present, even while they may not be investing heavily in the major cryptocurrencies, retail traders are not entirely excluded.
Due mostly to retail traders, memecoins have gained popularity this year and now have a $61 billion market.
Memecoin retail trade volume has increased fivefold in 2024 compared to the previous year. There is a straightforward explanation for why generators like Pump have made it much simpler to create memecoins that are enjoyable.
Since Memecoins are such a retail investor favorite, the market traction for the same has seen a skyrocketing rise. However, it is important to note that retail investors are also trying to venture into mainstream cryptocurrencies like Bitcoin.
The new feature by MetaMask will likely help investors do so in the future.