Beginning in May, Venmo users will be able to purchase and send cryptocurrencies to other users and external wallets, according to an announcement by PayPal executive Jose Fernandez da Ponte. However, the new feature is expected to provide a practical use case for digital assets ...
Beginning in May, Venmo users will be able to purchase and send cryptocurrencies to other users and external wallets, according to an announcement by PayPal executive Jose Fernandez da Ponte. However, the new feature is expected to provide a practical use case for digital assets and improve the user experience for Venmo customers.
Connecting wallets for seamless transfers
The upcoming feature will enable fast and free near-instant transfers between Venmo and PayPal wallets, linking two of the largest financial networks in the country. This expansion of services follows the successful implementation of similar features on PayPal, demonstrating the increasing demand for crypto services among users.
Venmo’s website indicates that verified users can receive cryptocurrency from external addresses using a “crypto address QR code.” This added functionality aims to streamline the process of transferring digital assets for users on the platform.
A look at Venmo’s crypto offerings
Since April 2021, Venmo has allowed users to purchase cryptocurrencies, with the mobile app currently offering Bitcoin (BTC), Ether (ETH), Litecoin (LTC), and Bitcoin Cash (BCH). However, these features have not yet been made available on the platform’s desktop version.
PayPal has been collaborating with other companies to broaden its range of crypto services. One notable partnership is with MetaMask, which allows users to buy cryptocurrency through their personal PayPal accounts and send it directly to their self-custodial wallets. The integration, which took place in December, highlights the growing interest in cryptocurrency services and PayPal’s commitment to meeting the evolving needs of its users.