The new feature will allow Venmo users to send crypto to other Venmo and PayPal users or hardware wallets.
Venmo, an American mobile payment service owned by payment giant PayPal, users will have the ability to send and receive cryptocurrencies.
The news was revealed by PayPal Senior Vice President of Blockchain, Crypto, and Digital Currencies Jose Fernandez da Ponte during a Consensus 2023 interview titled “PayPal’s Next Chapter in Crypto.”
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Fernandez da Ponte claimed that the new feature will be available to all users from the beginning of May. On top of that, PayPal executive highlighted that transfers will be made through on-chain transactions.
Upon the launch, users will be able to purchase crypto through Venmo and send it to other Venmo or PayPal users, as well as external and hardware wallets.
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 external wallet; you can send it to your hardware wallet.
The data shared by Pay Pal revealed that through 2022, more than 70% of "Venmo crypto customers have continued to hold their crypto in their Venmo account."
According to a help page on Venmo's website, verified users will also have the option to receive crypto from external addresses using a "crypto address QR code."
It is worth noting that Venmo started supporting crypto purchases over two years ago, in April 2021, with its mobile app currently listing Bitcoin (BTC), Ether (ETH), Litecoin (LTC), and Bitcoin Cash (BCH).
The introduction of fiat-to-crypto payments on Venmo marks a significant step toward incorporating cryptocurrencies into mainstream financial services, making digital assets more user-friendly and widely available.
