The American mobile payments service, Venmo, is set to introduce cryptocurrency transactions for its users, allowing them to purchase and send digital assets to Venmo and external wallets starting in May.
According to an announcement by Jose Fernandez da Ponte, an executive at Venmo’s parent company, PayPal, this new feature will expand the range of options available to Venmo users and provide a “use case” for digital assets.
In a recent Consensus 2023 interview titled “PayPal’s Next Chapter in Crypto,” da Ponte explained that the move would allow for near-instant fast and free transfers between Venmo and PayPal wallets.
In addition, the new feature will expand the choices available to Venmo users, much like its implementation on PayPal, which has proven successful.
Verified Venmo users will also be able to receive cryptocurrency from external addresses through a crypto address QR code, according to a help page on Venmo’s website released on April 28th.
Currently, Venmo users can only purchase Bitcoin, Ether, Litecoin, and Bitcoin Cash on the app’s mobile version, as the crypto features are not yet available on the desktop version.
PayPal has collaborated with other companies to expand its crypto service offerings. For example, in December, it partnered with MetaMask, allowing users to buy crypto through their PayPal personal accounts and send it directly to their self-custodial wallets.
Adding cryptocurrency transactions to Venmo’s platform is a significant move, demonstrating digital assets’ growing adoption and mainstream appeal.
In addition, the feature will provide users with a more versatile payment option and enable them to enjoy the benefits of using cryptocurrencies, such as faster and cheaper transactions.
