PayPal Letting Venmo Users Transfer Crypto Soon Too
Venmo is introducing a new feature that will allow customers to transfer cryptocurrencies to friends, family, PayPal accounts, and external wallets, per a press release today from PayPal.
The Deets:
- Transfer crypto within the Venmo community
- Send crypto to PayPal accounts
- Transfer to external wallets and exchanges
- Crypto transfers rolling out to Venmo customers over the coming weeks, starting in May 2023
The Details:
Venmo is making crypto management easy for its customers by enabling them to transfer crypto to friends and family within the Venmo app. In addition to being able to make transfers to other Venmo users, customers can also send their crypto to PayPal accounts and external wallets or exchanges, providing more choice and flexibility.
Crypto transfers will be rolling out to Venmo customers starting in May 2023. When it is enabled, Venmo customers can navigate to the Crypto tab in the Venmo app to view their coins. They'll tap the Transfer arrow button in the bottom right and choose "Send" to send crypto to another Venmo account. Or they can enter a recipient’s wallet address to send to PayPal or another external wallet. The customer can also tap "Receive" to display their unique crypto address QR code, which can be shared with other people.
❗ Why It Matters
PayPal already trialed the ability to transfer, send, and receive bitcoin, ethereum, bitcoin cash, and litecoin back in June 2022 before rolling it out to all eligible PayPal account holders in the U.S. in August 2022. And Venmo introduced the ability to buy, hold, and sell crypto on Venmo in 2021.
But by now also enabling transfers, Venmo is making crypto more accessible to an even wider audience by providing a seamless way to move crypto across Venmo as well as to PayPal accounts and external wallets.
🧠 Learn More
- More detail on how to send or receive crypto on Venmo can be found here
