Venmo to enable crypto transfers for its customers in May
- Venmo will roll out a new crypto transfer feature in May, allowing customers to send crypto to other Venmo accounts.
- Customers will also be able to buy tokens and send them to PayPal, external wallets and exchanges.
- Users will also be able to use a unique wallet address QR code to receive crypto from other people.
Mobile payments app Venmo has announced that its customers will from May 2023 be able to buy crypto using their account and transfer these to family and friends on Venmo.
Venmo, whose parent company is PayPal, revealed this as it outlined a new feature on Friday.
Making it easy for customers to move crypto
According to a press release Venmo published on 28 April, the new functionality is part of the company’s effort to make it easier for customers to manage and move crypto.
Dropping in to announce a new feature of ours: crypto transfers⚡Get started now. https://t.co/R9QtUENfae pic.twitter.com/UoeEAWVhlz
— Venmo (@Venmo) April 28, 2023
Other than being able to send crypto to other Venmo users, customers will also be able to send cryptocurrencies to PayPal accounts, external wallets and exchanges within the digital asset ecosystem. Any Venmo customer can navigate to the Receive page to access a unique digital asset address QR code. Customers can share this QR code with others when looking to receive funds.
According to details shared in the news release, the crypto transfers feature will be available to Venmo users beginning May 2023.
Venmo introduced crypto purchases for its customers in April 2021, and is a popular mobile app for those looking to buy Bitcoin. The platform added support for crypto price alerts in November 2021, allowing for push notifications for price alerts of Bitcoin, Ethereum, Bitcoin Cash and Litecoin.