Users can buy the virtual currencies for as little as $1. They can then share news of their transaction through the Venmo feed.
The move brings cryptocurrencies one step closer to becoming mainstream because Venmo has more than 70 million customers.
PayPal has been on the vanguard. Last October, it began allowing users to buy sell and hold cryptos in its digital wallets. And last month, it allowed them to begin spending their virtual coins at millions of merchants worldwide.
But Venmo has competition. Square's Cash App and online brokerage Robinhood already allow purchases of cryptocurrencies.
These launches have helped fuel a rally in virtual currencies. Bitcoin has soared nearly 90% since the start of this year.
