[contact-form][contact-field label=”Name” type=”name” required=”true” /][contact-field label=”Email” type=”email” required=”true” /][contact-field label=”Website” type=”url” /][contact-field label=”Message” type=”textarea” /][/contact-form]
According to a statement made by PayPal executive Jose Fernandez da Ponte on April 28, Venmo users will soon be able to purchase cryptocurrencies and send them to other Venmo users or outside wallets starting in May. Venmo’s parent business is PayPal.
Dropping in to announce a new feature of ours: crypto transfers⚡Get started now. https://t.co/R9QtUENfae pic.twitter.com/UoeEAWVhlz
— Venmo (@Venmo) April 28, 2023
In an interview for Consensus 2023 titled “PayPal’s Next Chapter in Crypto,” da Ponte described the new function’s operation.
“Starting in May, we are going to be enabling on-chain transfers from Venmo wallets, meaning that you can buy crypto on Venmo and send it to another Venmo user; you can send it to a PayPal user; you can send it to [an] external wallet; you can send it to your hardware wallet.”
The CEO claimed that by adding this capability, which he claimed has been successful when used on PayPal, Venmo users would have more options.
It would also provide digital assets a “use case” because they will now be used for “fast and free near-instant transfers between Venmo wallets and PayPal wallets, connecting two of the largest networks and wallets in the country.”
According to a Venmo help page from April 28, verified users will also be able to receive cryptocurrency from outside addresses using a “crypto address QR code.”
The mobile app Venmo currently offers Bitcoin, Ether, Litecoin, and Bitcoin Cash as payment alternatives. Cryptocurrency purchases started being supported by Venmo in April 2021. The desktop version doesn’t have any crypto features.
To increase the range of crypto services, PayPal has collaborated with other businesses. Following the payment processor’s integration with MetaMask in December, users of MetaMask can now buy cryptocurrency using their PayPal personal accounts and have it sent straight to their self-custodial wallets.
