Mobile

Venmo adding crypto, budgeting and savings functions to app later this year

The money transfer app will soon do a lot more with your cash.

The Venmo app is going to get some upgrades. 
Angela Lang/CNET

Venmo will expand its functionality in the coming months, according to an earnings call with the app's parent company, PayPal. Not only will users be able to send a few bucks to a friend quickly, but they'll also have the option to buy some cryptocurrency, save money and even keep up to date on shopping deals with integrated tools from the shopping service Honey. 

PayPal CEO Dan Schulman announced the new functions for Venmo on Wednesday during PayPal's fourth-quarter earnings call. He says the ability to buy, sell and hold cryptocurrency will be added to the app in the coming months. PayPal also wants to expand into more financial services, such as budgeting, savings and other investment alternatives, by working with industry partners.

Another addition to the app is the integration of Honey. Later this year, users will be able to monitor prices, get coupons, see the best deals and access their Honey wishlist through their Venmo app. 

PayPal didn't say when these features will be added. 

Schulman said Venmo continues to grow. In 2020, it grew by 30% over the previous year, to just below 70 million users. 

Cryptocurrency jumped in price during the COVID-19 pandemic, with Bitcoin reaching new heights. Dogecoin, one of the many altcoins available, jumped in value Thursday thanks to a few tweets from Tesla CEO Elon Musk