Payments behemoth PayPal is expanding its cryptocurrency services for Venmo users, introducing a new feature that allows customers to transfer cryptocurrencies.
Venmo, a mobile payment service owned by PayPal, has become a popular platform for peer-to-peer transactions, and this new feature aims to provide users with more flexibility in managing their digital assets.
Transferring cryptocurrencies on Venmo will be a straightforward process. Users can navigate to the Crypto tab within the Venmo app, view their coin balances, and choose to send crypto to another Venmo account or an external wallet by entering the recipient's wallet address.
Customers can also display their unique crypto address QR code to receive digital assets from others. However, users should be aware that crypto transfers cannot be canceled or reversed and must ensure the recipient's details are correct by verifying the destination address.
PayPal initially ventured into the cryptocurrency space in 2020 when it allowed users to buy, sell, and hold select cryptocurrencies, including Bitcoin, Ethereum, Litecoin, and Bitcoin Cash.This move, which triggered a new bull run, came as a response to the growing interest in digital assets and the need for more accessible and user-friendly platforms. By making a foray into the crypto space, PayPal aimed to promote the adoption of cryptocurrencies and position itself as a leader in digital payments.
Following the initial launch, the company expanded these crypto services to all eligible U.S. customers and later introduced the "Checkout with Crypto" feature, allowing users to make purchases at millions of online merchants using their cryptocurrency holdings.
Since then, the company has continued to develop its cryptocurrency offerings. The latest update is expected to roll out to Venmo customers over the coming weeks, starting in May 2023.