Venmo has announced the introduction of a new feature allowing customers to transfer cryptocurrencies to friends and family on Venmo or PayPal, as well as to other wallets and exchanges in the crypto ecosystem. Crypto transfers will be rolled out to Venmo customers in the coming weeks, starting in May 2023. Over the past 12 months, more than 74% of Venmo crypto customers have continued to hold their crypto in their Venmo account.
The new feature enables users to transfer crypto easily through the Venmo app by navigating to the Crypto tab, viewing their coins, and choosing to send crypto either to a Venmo account or to an external wallet by entering the recipient’s wallet address. Customers can also receive crypto by displaying their unique crypto address QR code, which can be shared with others.
Since launching the ability to buy, hold, and sell crypto in 2021, Venmo has added features such as Cash Back to Crypto for Venmo Credit Card customers and real-time price alerts for tracking cryptocurrency prices. Venmo plans to continue rolling out additional crypto products and services in the coming year.
Read More: Venmo Introduces Crypto Transfers for Users in May 2023