Get Ready for Crypto Transfers on Venmo: Join 70 Million Users in Moving Your Digital Assets!
Venmo will allow its 70 million users to transfer cryptocurrencies, including Bitcoin and Ethereum, to other users, external wallets, and exchanges, with the feature set to launch in May.
Venmo, the mobile payments giant, is set to launch a new feature that will allow its 70 million users to transfer cryptocurrency assets. The new feature will enable Venmo customers to transfer crypto to other users, as well as move digital assets to external wallets and exchanges. In addition, customers will be able to transfer their crypto to any account on Venmo's parent company, PayPal. The transfers are expected to launch in May.
Venmo first introduced crypto purchases in April 2021, and currently supports the buying and selling of four crypto assets, namely Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), and Bitcoin Cash (BCH). In August 2021, the payments giant also rolled out crypto cash-back rewards for its credit card users.
According to a press release, PayPal has assured customers that the new crypto transfers will be simple to use. Venmo customers can navigate to the Crypto tab in the app, view their coins, and then transfer them by selecting the Transfer arrows. Customers can choose to send crypto either to a Venmo account or to a recipient's wallet address to send to PayPal or another external wallet. Venmo customers can also tap Receive to display their unique crypto address QR code, which can be shared with other people.
PayPal has also stated that it intends to continue to roll out additional crypto products and services in the year ahead.
