Venmo users will soon be able to purchase cryptocurrencies and send them to other Venmo users or outside wallets starting in May, according to a statement made by PayPal executive Jose Fernandez da Ponte on April 28. Venmo’s parent company is PayPal.
In an interview with Consensus 2023 titled “PayPal’s Next Chapter in Crypto,” da Ponte stated the following explanation of the new function:
“Starting in May, we are going to be enabling on-chain transfers from Venmo wallets, meaning that you can buy crypto on Venmo and send it to another Venmo user; you can send it to a PayPal user; you can send it to [an] external wallet; you can send it to your hardware wallet.”
The CEO claimed that by adding this capability, which he claimed has been effective when used on PayPal, Venmo users will have more options. It also offers digital assets a “use case” because they will now be used for “fast and free near-instant transactions between Venmo wallets and PayPal wallets, which is basically integrating two of the most prominent systems and wallets in the country.”
According to a helpful article on Venmo’s website published on April 28th, verified users will also be able to receive cryptocurrency via external addresses using a “crypto address QR code.”
In April 2021, Venmo began enabling cryptocurrency purchases. As of right now, the mobile app supports Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), and Bitcoin Cash (BCH). The desktop version doesn’t seem to have any crypto capabilities.
To increase the range of cryptocurrency services it offers, PayPal has collaborated with other businesses. In December, the payment gateway connected with MetaMask, enabling users of MetaMask to buy cryptocurrency using their PayPal personal accounts and have it transmitted straight to their self-custodial wallets.