On April 28, Paypal announced its plans to introduce crypto transfers for its Venmo customers. Using this feature, customers can now transfer cryptocurrency to friends and family using Venmo or PayPal and other wallets and exchanges in the crypto ecosystem.
Following the introduction of cryptocurrency payments by the American financial technology giant Paypal last year, the company now offers cryptocurrency transfer services to Venmo users. Using this feature, Venmo consumers can send payments to an existing Paypal account, an external wallet, or a crypto trading platform, according to the company. Until now, Venmo only allowed its customers to buy, hold, and sell cryptocurrency after integrating it in 2021.
Paypal’s Decision to Introduce Crypto Payments for Venmo Customers:
Paypal conducted a poll of Venmo clients to gain greater information into the behavior of its customers. According to the statistics, many people are now flocking to Venmo to manage their cryptocurrencies better. In fact, over half of Venmo’s cryptocurrency consumers are now using the company’s crypto services. 74% of Venmo’s crypto users choose to keep their funds in their Venmo accounts.
During the first quarter of 2023, nearly half of Venmo clients with cryptocurrency balances sought to diversify their portfolios by purchasing new digital assets using Venmo. Hence, the enterprise underlined that crypto transfers could not be undone or reversed and asked users to carefully review the destination address to verify the recipient’s data.
Furthermore, Venmo cardholders can benefit from incentives that provide cashback in the form of crypto assets and receive price alerts about fluctuations in crypto values.
How Can You Transfer Crypto on Venmo?
- Transferring cryptocurrency on Venmo is a simple process. Customers only have to:
- Use Venmo to go to the Crypto tab in the Venmo app
- Examine their coins
- Hit the Transfer arrows and select Send crypto (either to a Venmo account or by entering a recipient’s wallet address to send to PayPal or another external wallet.)
- Customers can also tap Receive to see their unique bitcoin address QR code, which they can share with others.
You can find more information on how to send or receive cryptocurrency through Venmo here. Also Read: Binance Pay Beta Has Been Launched – Will It Turn Crypto Into PayPal?