Paypal Rolls Out Crypto Transfers for Venmo Users!

1. Mai 2023   |   by admin

• Paypal announced plans to roll out a feature that allows Venmo users to transfer cryptocurrencies on the app.
• Cryptocurrencies accepted are bitcoin, ethereum, litecoin, and bitcoin cash.
• Paypal has stated its intention to continue rolling out more crypto services and products in the coming year.

Paypal Rolling Out Crypto Transfers for Venmo Customers

Paypal announced plans to roll out a feature that allows over 70 million Venmo users to transfer cryptocurrencies natively on their app. The service will be available in May 2023 and will allow customers to transfer cryptocurrencies such as bitcoin, ethereum, litecoin, and bitcoin cash among each other or externally into wallets or exchanges.

Cash Back To Crypto Feature

In August 2021, Venmo introduced a Cash Back To Crypto feature which enabled credit card customers to use cash back earned on their card purchases to purchase crypto from their accounts automatically.

PayPal’s Incorporation of Crypto

Prior to this feature in October 2020, Paypal incorporated crypto into its own platform. CEO Dan Schulman stated in 2022 that people would “start seeing some significant changes over the next five years” in the crypto community and noted that the company was playing a long game in its relationship with cryptocurrencies.

Warning For Customers

Customers were urged by Paypal exercise utmost caution with the new cryptocurrency transfers as they are irreversible and cannot be canceled.

The Future of Crypto With PayPal

Paypal intends to continue rolling out more crypto services and products going forward which can already be seen with its current features related to cryptocurrency transfers.