It will offer more flexibility and choice in managing their crypto assets, even on PayPal.
By Brooke Donovan
Venmo customers will now have the ability to transfer cryptocurrency to friends and family on the platform, as well as to PayPal accounts and external wallets and exchanges, PayPal, the owner of Venmo announced on April 28.
This new feature will provide customers with greater flexibility in managing and moving their crypto assets. The new crypto transfer feature will be rolled out to Venmo customers in May 2023.
Over 50% of crypto customers chose the platform due to the safety, security, and ease of use it offers, according to Venmo. Additionally, over the past year, more than 74% of Venmo's crypto customers have kept their crypto holdings in their Venmo accounts. Furthermore, almost 50% of customers with existing crypto balances have added to their holdings on the platform since the beginning of 2023.
Transferring crypto on Venmo will be a simple process. Customers can navigate to the crypto tab in the Venmo app, view their coins, and then tap the transfer arrows to select the recipient's wallet address to send to PayPal or another external wallet. Customers can also tap receive to display their unique crypto address QR code, which can be shared with other people. Customers are advised to ensure the recipient's details are correct by checking the destination address carefully because crypto transfers cannot be canceled or reversed.
“Venmo is committed to providing secure, quick, and easy-to-use services for its community,” according to the company.
Since introducing the ability to buy, hold, and sell crypto in 2021, Venmo has added cash back to Crypto for venmo credit card customers and introduced price alerts for customers to track cryptocurrency prices in real-time. The platform plans to introduce additional crypto products and services in the year ahead.