Venmo, a popular payment app, has enabled a new feature that allows users to transfer cryptocurrencies to other Venmo and PayPal wallets, as well as to other crypto wallets. This new feature will be available to customers starting May 2023.
The payment platform has allowed its customers to buy, hold, and sell crypto since 2021, but it could not transfer crypto to other Venmo users, PayPal users, or external wallets until this year. There is also a cashback to crypto option for Venmo credit card users. Tracking the price of crypto assets will also be easier with the introduction of real-time price alerts for customers. Additional crypto products and services are also expected to be rolled out in the future.
Transfer Crypto Easily
Venmo made it easy to transfer crypto to another wallet with just a few taps. Users just need to go to the crypto tab and select the appropriate cryptocurrency. After selecting, users need to tap the transfer arrow and send. The recipient’s information needs to be entered. The sender needs to enter the name of the Venmo user or an address for PayPal and external wallet users. There is also an option to scan the recipient’s QR code. Enter the crypto amount and hit send.
Users are advised to review transaction details carefully since crypto transfers are not reversible.
Venmo Made the Right Move
This recent move by Venmo will make it easier for their customers to send crypto assets to wallets within the platform and to external wallets as well. The ease of use will make owning crypto easier for a lot of people.
Crypto is slowly being embraced by the world, and Venmo knows it. The company decided to make crypto transfers easier since this is what customers need. Either the app adapts to the changing times or be left behind.
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Source: PayPal Newsroom
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