Paypal Rolls Out Crypto Transfers for Venmo Users

• Paypal announced plans to roll out a feature that allows over 70 million Venmo users to transfer cryptocurrencies.
• The feature will be available to Venmo customers over the coming weeks beginning in May 2023.
• Cryptocurrencies currently accepted on Venmo are bitcoin, ethereum, litecoin, and bitcoin cash.

Paypal Rolling Out Crypto Transfers for Venmo Customers

Paypal announced plans to roll out a feature that will allow over 70 million Venmo users to transfer cryptocurrencies natively on the app. This new feature is expected to begin in May 2023 and will be available for all its customers. Cryptocurrencies such as Bitcoin, Ethereum, Litecoin, and Bitcoin Cash will be accepted for transfers.

Caution Urged

Customers were urged to exercise utmost caution when using this new feature as crypto transfers are irreversible and cannot be canceled. As such, it is important for users to double-check the recipient’s wallet address before sending any funds as there is no way of getting them back if sent incorrectly or fraudulently.

Crypto Support Prior To Rollout

The expansion of crypto transfers comes almost a year after Paypal enabled crypto transfers to external wallets and exchanges on its own platform back in June 2022. Additionally, Venmo introduced crypto on its platform about two years ago in April 2021 which allowed customers the ability to buy, hold and sell cryptocurrency directly within the app. August 2021 saw the introduction of Cash Back To Crypto which enabled credit card customers to use cash back earned from their purchases towards buying cryptocurrency automatically from their accounts.

The Future Of Crypto In Paypal

Paypal CEO Dan Schulman stated back in 2022 that people should expect significant changes in terms of cryptocurrency support within the next five years due to Paypal’s long-term relationship with it. Already we have seen some changes rolling out with more services and products being released throughout this year alone.

Conclusion

With platforms like Paypal rolling out features focused around cryptocurrency support, it is clear that digital currencies are only going upwards from here with more people finding ways into investing or simply transferring money across various mediums quickly and securely without having too much worry about reversibility or fraudulence issues associated with traditional banking systems or other forms of payment methods such as cash payments or check deposits/transfers