PayPal, the parent company of the popular mobile payment app Venmo, announced on April 28 that Venmo users will soon be able to transfer cryptocurrency to friends and family on the platform, as well as to PayPal accounts, and external wallets and exchanges in the crypto ecosystem. This new feature will give customers more flexibility and choice in managing their cryptocurrencies.
According to the company’s statement, more than 50% of Venmo crypto customers chose Venmo for the safety, security, and ease of use it offers. Additionally, over the last 12 months, more than 74% of Venmo crypto customers continued to hold their crypto in their Venmo account, indicating that Venmo is a trusted platform for managing cryptocurrencies.
The process of transferring crypto on Venmo is relatively simple. Customers can navigate to the Crypto tab in the Venmo app, view their coins, and tap the transfer arrows to choose to send crypto to a Venmo account or enter a recipient’s wallet address to send to PayPal or another external wallet. Customers can also tap “receive” to display their unique crypto address QR code, which can be shared with others.
It is important to note that crypto transfers cannot be canceled or reversed, so customers should double-check the recipient’s details before completing a transfer. Venmo is committed to providing easy, quick, and secure services for its customers and plans to continue rolling out additional crypto products and services in the year ahead.
The ability to transfer cryptocurrency on Venmo is a significant move that reflects the growing popularity of cryptocurrencies as an investment and payment method. As more people become interested in cryptocurrencies, companies like Venmo are finding ways to meet the needs of their customers by providing easy and accessible ways to manage and use their digital assets.
Overall, the introduction of crypto transfers on Venmo is a positive development for the cryptocurrency ecosystem and represents another step towards the mainstream adoption of digital assets.
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