Starting this month, users can transfer Bitcoin, Litecoin and other cryptocurencies via Venmo. The American payments service previously enabled users to buy digital assets with Venmo. Now, it’s allowing people to also send them to each other in Venmo and to other external wallets.
In the official announcement by PayPay (Venmo’s parent company), the team pointed out the importance of this new feature.
They shared that:
Since Venmo began receiving crypto, more customers have looked to the platform for more crypto services. So, it was necessary to introduce transfers to meet up with customer demand. They stated that customers trust their service because it’s secure and easy to use. Therefore, they are happy to keep expanding their offerings and delighting customers.
Being able to transfer assets among friends and family will increase the digital assets’ use case and increase mainstream adoption. Additionally, verified Venmo users will also be able to receive cryptocurrency from other wallets and addresses using a QR code. So, users can enjoy versatility in payments and a decentralized option that is both cheaper and faster.
To learn more about how to transfer crypto from your Venmo wallet, click here.
Before this new development, Venmo users could only buy various digital assets, like Bitcoin, Litecoin, Ether, and Bitcoin Cash on the app’s mobile version, but not on the desktop. This improvement seems to also be restricted to the mobile version as well.
At a Consensus 2023 interview, titled “PayPal’s Next Chapter in Crypto”, Jose Fernandez da Ponte, an executive at PayPal, spoke about this. He explained that they would be “enabling on-chain transfers from Venmo wallets”. And that users could now send crypto to Venmo or PayPal users as well as to owners of other external or hardware wallets.
This is not the first time PayPal has shown interest in offering crypto services. In December, PayPal enabled users in Luxembourg to access crypto services. Shortly afterwards, it partnered with MetaMask, to allow users to buy and transfer cryptocurrencies using PayPal. Hence, we can realize that PayPal wants to be active in the crypto space.