Mobile payments giant Venmo (Venmo’s parent company is Paypal) has just announced plans to launch a new feature that will allow the platform’s more than 70 million users to transfer cryptos.
Venmo is a payment application owned by PayPal operating in the United States. Venmo began allowing the purchase of cryptos in April 2021 and currently supports the purchase and sale of four cryptocurrencies: Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC) and Bitcoin Cash (BCH).
On Friday, PayPal announced that users of its Venmo payments app will soon be able to transfer cryptos in their accounts. This includes transactions to and from PayPal, Venmo and any other external address or exchange.
These features are to be rolled out in May, while US PayPal users have already been able to transfer their cryptos since June 2022. Again, this announcement is only for the US, as Venmo is currently only available there.
PayPal says the new crypto transfers will be simple for customers.
“Venmo customers can access the Crypto tab in the Venmo app, view their coins, then tap the transfer arrows and choose to send crypto – either to a Venmo account or by entering the recipient’s wallet address to send to PayPal or another external wallet. Each customer can also tap Receive to display the QR code for their unique crypto address, which they can share with others.”