Crypto transfers on Venmo are on the way, PayPal announced Friday during Consensus 2023.
Venmo customers will be able to transfer their crypto to friends natively on the app, and will also be able to move their digital holdings to external wallets and exchanges, according to a statement from PayPal. External transfers will be subject to network fees, PayPal told Blockworks.
The four accepted cryptocurrencies on Venmo are bitcoin, ether, litecoin and bitcoin cash.
PayPal will bring this feature, which has been available on its platform since June 2022, to Venmo “over the coming weeks starting in May 2023,” according to the statement.
This announcement comes a little over two years after Venmo first allowed crypto on its platform in April 2021. Now that the popular payments platform allows transfers of digital assets, an estimated 90 million Venmo users now have the ability to send or receive crypto.
PayPal, Venmo’s parent company, integrated crypto on its platform back in October 2020. The company also has a penchant for making crypto-related announcements at Consensus. At last year’s conference, Blockworks reported that PayPal’s general manager for blockchain, crypto and digital currencies Jose Fernandez da Ponte said he was excited about the potential of NFTs, stablecoins and digital identity.
Source: https://blockworks.co/news/venmo-crypto-transfers-coming