Over 70 million Venmo users will soon be able to send and receive cryptocurrencies natively within the app with a feature that PayPal recently announced it plans to roll out. Additionally, users can transfer to outside wallets and other cryptocurrency exchanges.
PayPal Announces Enabling Crypto Transfers for Venmo Customers
The news was also shared in a tweet from Venmo’s official Twitter account.
The function will be made accessible to Venmo customers over the coming weeks, starting in May 2023, according to a press statement from the company on April 28. However, users were cautioned to use the tool with extreme care, as cryptocurrency transfers are irreversible and cannot be reversed.
Supporting Cryptocurrency
Almost a year after PayPal enabled cryptocurrency transfers to external wallets and exchanges on its own platform in June 2022, Venmo has now added support for cryptocurrency transfers. Venmo was acquired by PayPal in 2013, and around six months later, in October 2020, it added cryptocurrency to its platform.
In April 2021, Venmo made cryptocurrency available on its platform. Customers were now able to buy, hold, and sell cryptocurrencies directly from the Venmo app. Then, in August 2021, a feature called “cash back to crypto” was introduced.
Dan Schulman, the CEO of PayPal, predicted that the cryptocurrency community would “start seeing some significant changes over the next five years” in 2022. Also, he noted that his company was taking a broad view of its relationship with cryptocurrencies. The company has further declared its desire to continue releasing more cryptocurrency services and products in the upcoming year. Moreover, some of these improvements are already apparent.
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