Venmo users will soon be able to buy cryptocurrencies and send them to other Venmo users or external wallets beginning in May, as announced by PayPal executive Jose Fernandez da Ponte on April 28. However, the new feature will expand the choices available to Venmo users, following the success of similar implementations on PayPal.
Connecting wallets for fast and free transfers
The introduction of this feature aims to provide a use case for digital assets by enabling fast and free near-instant transfers between Venmo and PayPal wallets. This connection essentially links two of the largest networks and wallets in the country.
According to a help page on Venmo’s website, verified users can also receive crypto from external addresses through a “crypto address QR code.” This expands the functionality of Venmo’s crypto services.
Venmo’s current crypto offerings
Venmo began allowing crypto purchases in April 2021, with the mobile app currently listing Bitcoin (BTC), Ether (ETH), Litecoin (LTC), and Bitcoin Cash (BCH) as options. However, these features are not available on the desktop version.
PayPal has been working with other companies to expand its crypto service offerings. In December, the payment provider integrated with MetaMask, enabling MetaMask users to purchase crypto through their PayPal personal accounts and send it directly to their self-custodial wallets.