• Paypal announced a feature that will enable over 70 million Venmo users to transfer cryptocurrencies to each other natively on the app.
• Cryptocurrencies accepted on Venmo include bitcoin, ethereum, litecoin and bitcoin cash.
• The feature is part of Paypal’s ongoing effort to provide customers with more crypto services and products.
Paypal Announces Crypto Transfers for Venmo Customers
Paypal has announced plans to roll out a feature that allows over 70 million Venmo users to transfer cryptocurrencies to each other natively on the app. Users will be able to transfer from their accounts directly into external wallets and crypto exchanges as well. The feature will be available in May 2023.
Cryptocurrency Accepted on Venmo
Venmo accepts four main types of cryptocurrency: Bitcoin, Ethereum, Litecoin and Bitcoin Cash. Customers were urged to take caution when using this new feature as transfers are irreversible and can not be canceled.
Paypal Supporting Crypto with New Features
This announcement comes almost a year after Paypal enabled crypto transfers to external wallets and exchanges on its own platform back in June 2022. In April 2021, Venmo introduced buying, holding and selling cryptocurrency directly in their app which was then followed by ‘cash back to crypto’ in August 2021 which allowed credit card customers to use cash back earned on their card purchases for purchase of crypto from their accounts automatically. Paypal also incorporated crypto into its platform about six months prior in October 2020 .
The Future of Crypto with Paypal
In 2022, Paypal CEO Dan Schulman stated that people would “start seeing some significant changes over the next five years” in the crypto community noting that the company was playing a long game with cryptocurrency services and products. This statement has been backed up by the expansion of crypto services which includes this new feature for Venmo customers as well as other services rolled out recently such as customer being able to buy, sell and hold cryptocurrency within PayPal itself..
It is clear that Paypal is committed towards providing customers access to more crypto services while emphasizing safety with these transactions at all times. With more features expected from them this year, it would appear that they are firmly entrenched in investing time and resources into developing better products for their customers interested in using cryptocurrencies..