Crypto.Com Launches Social Payment App to Rival Venmo

“Pay Your Friends” allows the functionalities of social finance, with direct crypto coin payments.

Crypto.com announced the launch of its Pay Your Friends app today, to potentially compete with the business model of Venmo. The app allows for direct, no-fee crypto payments, and is incentivized with $50 equivalent in rewards for adding friends that also stake Crypto.com Chain (CRO).

Crypto.com moved on to app-based activity, in a drive to popularize digital assets. In addition to its debit card business, Crypto.com is adding to financial innovation with direct in-app payment. With the latest launch, Crypto.com competes with payment systems like Venmo and Revolut, as well as Circle and Square, joining the worlds of crypto assets and fintech.

Following the news, CRO traded around $0.045 with slightly raised volumes, still relatively depressed after the latest sell-offs. MCO, the original coin related to the Crypto.com project, traded at $3.44, still near its lows.

The new payment system may boost the demand for CRO, as rewards are granted based on the amount of CRO staked within the ecosystem. Additionally, each payment sent through the app is an incentive for the receiver to register if they are still not using Crypto.com’s product. Thus, it is possible that small-scale crypto payments may boost overall adoption.

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Crypto.com is currently going through a social media strategy resembling that of Revolut, which was aggressively boosting invitations in the past weeks.

Crypto.com requires full know-your-customer verification, with a picture of an official ID and a selfie. Thus, crypto payments remain compliant with general fintech requirements, making it impossible to use totally anonymous payments. The app is also a fiat gateway for new adopters, encouraging the purchase of MCO and CRO through a debit card. The Crypto.com wallet boasts support for seven fiat currencies and 44 digital assets.

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