Cryptocurrencies have become a hot investment that is gaining mainstream adoption. Markets for digital currencies such as Bitcoin (BTC +2.26%) were virtually unheard of in 2012, but they have since grown into a massive industry.
[Cryptocurrency] is a new asset class, but like real estate, there's only so much Earth. So it's defined, and therefore this moving price of the commodity is just how much, within this finite class of a commodity, this new asset class, how much people value it or want it.
2. Block and PayPal Holdings
At the heart of every digital payment protocol is the absence of central intermediaries (which means lower costs for businesses and consumers). So, Block (XYZ +0.13%) (formerly Square) and PayPal (PYPL -0.06%) saw a meaningful business opportunity in enabling users to purchase and hold cryptocurrencies within a digital wallet.
In late 2017, Block's Cash App consumer-facing application began allowing Bitcoin trading. Bitcoin is often a huge revenue generator for Block when cryptocurrencies are on an upswing, although the trading feature is not helping the company's bottom line very much. In 2025, Block managed over $3 billion of quarterly Bitcoin revenue.
However, the company is helping to foster the use of Bitcoin among its business users (through the Block ecosystem), and it could become a top platform for crypto transactions between companies and their customers. This is especially promising for disrupting traditional international transactions in which banks often charge hefty foreign exchange fees. Cash App added support for the Bitcoin Lightning Network in April 2022, allowing customers to transfer Bitcoin much faster and without transaction fees. CEO Jack Dorsey said the feature will "increase the usability of Bitcoin, all toward an open global monetary transmission network the world can trust."
PayPal's Venmo digital wallet and peer-to-peer payments app, which unlocked crypto trading in early 2021, offer a similar mix of simple banking features and mass-market crypto-trading tools. At the launch, Venmo supported the trading of Bitcoin, Bitcoin Cash (BCH +0.45%), Ethereum, and Litecoin (LTC -0.62%). Other cryptos may appear over time, like the PayPal USD (PYUSD +0.01%) stablecoin that became available in 2023.
With the most users of any peer-to-peer money movement app, Venmo could become a leading cryptocurrency platform with its new feature. It serves as a solid access point for investors who wish to buy major cryptocurrencies and then use them to purchase altcoins or access decentralized finance (DeFi) applications.
5. Robinhood Markets
Robinhood Markets (HOOD +3.92%) is a popular discount brokerage app that allows users to buy stocks, options, rare metals, and now, cryptocurrencies. Investors can buy and sell more than a dozen cryptocurrencies, including Bitcoin, Ethereum, and Dogecoin (DOGE +1.55%), commission-free on the platform, 24/7. The company already holds billions of dollars in crypto assets under custody, with crypto trading revenue now comprising a significant portion of overall sales.
Robinhood can combine its commission-free trading model with scaling the number of cryptocurrencies on the platform, gaining a massive competitive advantage over both traditional and decentralized exchanges. The company also could offer the same crypto analytics services as Coinbase to further promote trust in the sector and boost its adoption.
Bitcoin Cash (BCH)
Related crypto topics
About the Author
