PayPal is now allowing more than 60 million Venmo customers in the US to transfer crypto between its platform and other wallets.
According to a press release issued by Paypal on April 28, the feature will be made accessible to Venmo users over the next few weeks, starting in May 2023.
The four crypto assets that Venmo presently accepts are Bitcoin, Ehereum, Litecoin, and Bitcoin cash. Customers were admonished to use the tool with the utmost caution because cryptocurrency transfers are permanent and cannot be stopped.
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.
In April 2021, Venmo made cryptocurrency available on its platform for around two years. Customers could now buy, hold, and sell cryptocurrencies directly on the Venmo app thanks to this.
The next feature was cash back to cryptocurrency, which was unveiled in August 2021. Customers using credit cards were able to use the cash back they had accrued from purchases to automatically acquire cryptocurrency using funds from their accounts.
Venmo was acquired by Paypal in 2013, and around six months later, in October 2020, it added cryptocurrency to its platform. Paypal CEO Dan Schulman predicted in 2022 that the cryptocurrency community will “start seeing some significant changes over the next five years,” stressing that the company was taking a long 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, and some of these improvements are already apparent.
