- In June, PayPal introduced a feature that lets people transfer cryptocurrency. Now, people in the US who use Venmo (a money transfer app) will also be able to transfer cryptocurrency.
- Venmo users can now send cryptocurrency to wallets outside of the Venmo app.
About a year after PayPal let people move cryptocurrency between its platform and other wallets, it’s now doing the same thing for its over 60 million Venmo users in the US.
The company said in a statement that Venmo users can also move cryptocurrency to a PayPal account or to other wallets and exchanges outside of the Venmo app. These external wallets can include wallets used by PayPal customers.
Last year in June, PayPal started letting people send certain types of cryptocurrency, like bitcoin and ether, to wallets outside of PayPal. Now, they’re expanding this feature to Venmo users next month. This is happening at a time when the whole cryptocurrency industry is being looked at very closely in the US.
But do we trust it?
According to a survey by the Pew Research Center, two-thirds of Americans don’t trust cryptocurrency. However, despite this, many people in the US still like cryptocurrency. The survey also found that 17% of Americans had either invested in or traded cryptocurrency.
According to a statement about PayPal’s profits, Venmo handled $245.3 billion in regular (non-crypto) money transactions in 2022.