Venmo, the mobile payment platform under the roof of PayPal, has announced that it would enable crypto transfers as of May.
The new feature will allow users to buy crypto on Venmo through fiat currencies and send it to another Venmo user, PayPal user, external wallet, or hardware wallet.
Users will be able to transfer crypto on Venmo by clicking the cryptocurrency tab in the app, viewing their coins, and selecting the "Send Crypto" option.
- Venmo will also provide users with QR codes as a crypto address to allow them to receive crypto from external addresses.
- Once sent, transfers will not be able to be canceled or reversed.
- Venmo said 50% of customers holding crypto in their Venmo wallets increased their balances since the beginning of the year.
- The firm also pointed out that 74% of clients with crypto balances have held their funds on Venmo for the past 12 months.
Venmo started allowing users to purchase and sell crypto on the platform in April 2021.
- The platform, with nearly 70 million users, currently supports Bitcoin (BTC), Ether (ETH), Litecoin (LTC), and Bitcoin Cash (BCH).
- Users have a weekly limit of $20,000 and an annual limit of $50,000 while buying crypto.
- The parent company PayPal has also allowed crypto transfers between its platform and other wallets since June last year.
