PayPal Improves Crypto Offerings for 60 Million Venmo Users, Allowing Transfers to External Wallets and Exchanges

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Paypal, a US-based fintech company, is expanding its crypto services to Venmo users. This new feature allows Venmo customers to transfer money to an external wallet, a Paypal account, or a cryptocurrency exchange. Previously, Paypal introduced the option to pay with cryptocurrencies on its platform.

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Venmo users can now send cryptocurrency to other Paypal users, external wallets, and cryptocurrency exchanges. This is a new service offered by Paypal, the American financial technology company that introduced crypto payments last year

Paypal has announced that Venmo, a mobile payments service with 60 million customers, can now transfer cryptocurrencies. This follows Paypal’s launch of crypto transfer services last year, which initially did not allow transfers to external accounts. Venmo had integrated cryptocurrencies in 2021 but only allowed buying, holding, and selling until now.

Paypal announced on Friday that Venmo customers will be able to use cryptocurrency transfers starting in May 2023. The feature will be made available gradually over the coming weeks.

Paypal surveyed Venmo customers to understand their behavior, and the results showed that many people are using Venmo to manage their cryptocurrency. More than half of Venmo’s crypto customers used Paypal’s crypto services, and 74% of them kept their investments in their Venmo accounts.

In the beginning of 2023, nearly half of Venmo customers who already had cryptocurrencies decided to buy more digital assets through Venmo. Paypal provided instructions on how to transfer cryptocurrencies and also published a blog post about it.

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Paypal reminded Venmo users that once they transfer cryptocurrency, it cannot be undone or changed back, and encouraged them to double-check the recipient’s details before sending it. Additionally, Venmo users who have a Venmo card can receive cashback rewards in the form of cryptocurrencies, and get notified of changes in their value.