[April 28, 2023] Today, PayPal announced the introduction of cryptocurrency transfers for Venmo users, making it easier for customers to manage and move their digital assets within the Venmo community. The new feature, which is set to roll out in the coming weeks starting in May 2023, will enable users to transfer their crypto holdings to friends and family, PayPal accounts, and external wallets and exchanges.
This expansion of Venmo's crypto services follows the increasing demand for digital assets on the platform. Over the past year, more than 74% of Venmo's crypto customers have held their cryptocurrencies in their Venmo accounts, and nearly 50% of customers with existing crypto balances have added to their holdings since the beginning of 2023.
Safety, security, and ease of use have been key factors in driving customer adoption of Venmo's crypto offerings. More than 50% of Venmo's crypto customers have chosen the platform for these reasons.
The process of transferring crypto on Venmo is simple and user-friendly. Users can navigate to the Crypto tab in the Venmo app, view their coins, tap the Transfer arrows, and choose to send their crypto to another Venmo account or input the recipient's wallet address to send it to a PayPal account or external wallet. Additionally, customers can tap "Receive" to display their unique crypto address QR code, which can be shared with others.
Users should note that crypto transfers cannot be canceled or reversed, and they should verify the recipient's details by carefully checking the destination address.
Since its initial foray into the crypto space in 2021 with the ability to buy, hold, and sell cryptocurrencies, Venmo has continued to expand its services. The platform has introduced Cash Back to Crypto for Venmo Credit Card customers and real-time price alerts for users to track cryptocurrency prices.
Venmo's latest feature demonstrates the company's commitment to providing easy, quick, and secure services for its community. As digital assets continue to gain traction, Venmo plans to roll out more cryptocurrency products and services in the coming year.