- Venmo will roll out a new crypto transfer feature in May, allowing customers to send crypto to other Venmo accounts.
- Customers will also be able to purchase and send tokens to PayPal, external wallets, and exchanges.
- Users will also be able to use the unique wallet address QR code to receive crypto from other people.
Mobile payments app Venmo has announced that starting May 2023, its customers will be able to purchase cryptocurrency using their accounts and transfer it to family and friends on Venmo.
Venmo, its parent company PayPal, revealed this as it outlined a new feature on Friday.
Making it easier for customers to transfer cryptocurrencies
According to a press release published by Venmo on April 28, the new functionality is part of the company’s efforts to make it easier for customers to manage and transfer cryptocurrencies.
Sign up to announce our new feature: Cryptocurrency Transfers ⚡ Get started now. https://t.co/R9QtUENfae pic.twitter.com/UoeEAWVhlz
Venmo (Venmo) April 28, 2023
Other than being able to send crypto to other Venmo users, customers will also be able to send crypto to PayPal accounts, external wallets, and exchanges within the digital asset ecosystem. Any Venmo customer can go to the receiving page to access the unique digital asset address QR code. Customers can share this QR code with others when they are looking forward to receiving money.
According to details shared in the news release, the cryptocurrency transfers feature will be available to Venmo users starting May 2023.
Venmo introduced Cryptocurrency Purchases to its customers in April 2021, and is a popular mobile app for those looking to buy Bitcoin. The platform added support for cryptocurrency price alerts in November 2021, allowing push notifications for Bitcoin, Ethereum, Bitcoin Cash, and Litecoin price alerts.