PayPal has announced the availability of cryptocurrency transfers for Venmo customers.
Cryptocurrency Transfers Will Be Possible via PayPal and Venmo
This new feature allows Venmo customers to transfer cryptocurrencies to friends and family on Venmo or PayPal, as well as to other wallets and exchanges in the crypto ecosystem.
The company plans to roll out this feature to Venmo customers starting May 2023.
According to PayPal, over 50% of Venmo crypto customers chose the platform specifically for its safety, security and ease of use. Additionally, over 74% of Venmo crypto customers have continued to hold Bitcoin and crypto in their Venmo account in the past 12 months. Since the beginning of 2023, around 50% of customers with existing crypto balances have added to their Venmo holdings.
PayPal owns Venmo. The company acquired Venmo in 2013 as part of its $800 million acquisition of payment processing company Braintree, which owned Venmo at the time.
To transfer crypto in Venmo, customers must enter the Crypto tab in the Venmo application, view their coins and tap the Transfer button. Customers can choose to send crypto to a Venmo account or enter the recipient's wallet address to send to PayPal or another external wallet.
Customers can also tap Get to view the unique crypto address QR code that can be shared with other people.
It's worth noting that crypto transfers cannot be canceled or reversed, so customers should carefully check the recipient address to make sure the recipient's information is correct.
*Not investment advice.
