Paypal announced plans to roll out a feature that allows over 70 million Venmo users to transfer cryptocurrencies to each other natively on the Venmo app.
Users will also be able to transfer to external wallets and crypto exchanges.
In a press release on April 28, Paypal said that 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.
Customers were urged to exercise utmost caution with the feature as the crypto transfers are irreversible and cannot be canceled.
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
Paypal supports crypto with new features
The expansion of crypto transfers to Venmo comes almost a year after Paypal enabled crypto transfers to external wallets and exchanges on its own platform back in June 2022.
Venmo introduced crypto on its platform about two years ago, in April 2021. This allowed customers to buy, hold and sell cryptocurrency directly in the Venmo app. After this came cash back to crypto, a feature introduced in August 2021.
It allowed credit card customers to use cash back earned on their card purchases to purchase crypto from their accounts automatically.
Paypal, which acquired Venmo in 2013, incorporated crypto into its platform about six months prior in October 2020.
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Paypal CEO Dan Schulman stated in 2022 that people would “start seeing some significant changes over the next five years” in the crypto community, noting that the company was playing a long game in its relationship with cryptocurrencies.
Some of these changes can be seen, and the company has further stated its intention to continue rolling out more crypto services and products in the coming year.
Read more: Paypal held more than $500m in crypto at 2022 year end