- Paypal announced plans to roll out a feature that allows over 70 million Venmo users to transfer cryptocurrency to each other natively on the app.
- Users will also be able to transfer to external wallets and crypto exchanges. Cryptocurrencies accepted on Venmo are bitcoin, ethereum, litecoin, and bitcoin cash.
- Paypal has previously enabled crypto transfers on its own platform in June 2022 and introduced crypto to Venmo in April 2021.
Paypal Announces Crypto Transfers for Venmo Customers
Paypal announced plans to roll out a feature that allows over 70 million Venmo users to transfer cryptocurrencies such as Bitcoin, Ethereum, Litecoin, and Bitcoin Cash natively on the app. The feature will be available over the coming weeks beginning in May 2023. With this feature, customers will also be able to transfer their cryptos to external wallets and crypto exchanges.
Caution Urged for Crypto Transfers
Paypal warned customers that the crypto transfers are irreversible and cannot be canceled; therefore they should exercise utmost caution when using the new feature.
Crypto Incorporated into Paypal Platforms
The expansion of crypto transfers comes almost a year after Paypal enabled crypto transfers to external wallets and exchanges on its own platform back in June 2022. Venmo had also introduced cryptocurrency onto its platform about two years ago in April 2021. This allowed customers buy, hold and sell cryptocurrency directly from their accounts. August 2021 saw the introduction of ‘cash back to crypto’ which allowed credit card customers use cashback earned from purchases purchase cryptocurrency automatically from their accounts.