After launching crypto payments last year, the American financial technology titan Paypal is now offering cryptocurrency transfer services to Venmo users. Customers of Venmo will be able to transfer funds to an active Paypal account, a third-party wallet, or a cryptocurrency exchange platform.

Venmo Now Enables Cryptocurrency Transfers To PayPal Users, External Accounts, And Exchanges

PayPal, a provider of payment processing services, stated on April 28 that cryptocurrency transfers are now available to Venmo’s 60 million users. The deployment comes after Paypal introduced cryptocurrency transfers this summer but without the ability to send money to other accounts. Similar to how Venmo only started allowing its users to buy, hold, and sell cryptocurrency in 2021 after incorporating it.

On Friday, it was announced by PayPal that crypto transfers would be made available to Venmo customers gradually over the next few weeks, commencing from May 2023.

Paypal polled Venmo users in an effort to gain more knowledge about their purchasing habits. The results showed that a sizable number of people are now using Venmo to manage their cryptocurrencies more effectively. More than half of Venmo’s cryptocurrency users choose to utilize the company’s services. 74% of Venmo users who were investing in cryptocurrencies chose to keep their funds in their accounts.

Nearly 50% of Venmo users who had cryptocurrency balances in the first quarter of 2023 opted to diversify their holdings by adding more digital assets to their portfolios. Along with a blog post on the subject, Paypal published guidelines outlining the procedure for transferring cryptocurrency.
The firm underlined that crypto transfers could not be reversed or undone and advised clients to double-check the recipient’s information by carefully reviewing the destination address. Additionally, Venmo cardholders can benefit from promotions that give cashback in the form of cryptocurrency assets and get price alerts about changes in the value of cryptocurrency.