Venmo Will Help Users Easily Transfer Crypto
- Customers of Venmo will be able to send crypto to pals directly from the app, as well as shift their digital holdings to external wallets and exchanges.
- Users can transfer PayPal-supported cryptocurrencies, including Bitcoin, Ethereum, Bitcoin Cash, and Litecoin.
- Previously, PayPal itself has also supported the same feature since June 2022.
PayPal, the global payments company, has announced that it will extend crypto transactions to Venmo app users in the United States.
According to an April 28 announcement from PayPal CEO Jose Fernandez da Ponte, Venmo members will be able to transfer their crypto to pals directly within the app, as well as shift their digital assets to external wallets and exchanges. Venmo’s parent business is PayPal.
Venmo users who own PayPal-compatible cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH), and Litecoin (LTC) may transfer payments to other PayPal accounts or even wallets that exist outside of corporate systems and exchanges.
PayPal has already provided the same functionality since June 2022.
This statement comes just over two years after Venmo introduced cryptocurrency on its platform for the first time in April 2021. With the addition of digital asset transfers to the popular payment app, an estimated 90 million Venmo users may now send or receive cryptocurrency. PayPal has $604 million in crypto on behalf of its clients, 90% of which is BTC and ETH, according to its financial disclosures as of December 31, 2022.
PayPal CEO José Fernandez da Ponte said that this functionality would broaden the options accessible to Venmo customers, which he claimed has proved effective when deployed on PayPal. It would also give a use case for digital assets since crypto would now be utilized for quick and free near-instant transfers between Venmo wallets and PayPal wallets, thus integrating two of the country’s major networks and wallets.
Since 2020, the payment giant has allowed users to keep crypto in their own PayPal accounts, then expanded the ability to trade and send money on PayPal and Venmo.
This seems to be a lot simpler than competing systems, but this is crypto, so there is a huge caveat. These transactions are in no way, shape, or form protected. They are irreversible, so double-check the Venmo handle or wallet address before hitting the send button. It’s gone once it’s gone.
Ponte said he welcomed competition from MoonPay and Robinhood Connect, another fiat-to-crypto on-ramp announced by the financial services firm on Thursday.
PayPal is one of the few traditional firms that still have exposure to the cryptocurrency field, particularly after a turbulent 2022 and the current surge in regulatory tension in the United States.
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