Venmo is making it easier for its customers to manage and transfer cryptocurrency with the introduction of a new feature. Customers will now be able to transfer cryptocurrency to their friends and family within the Venmo community, as well as to PayPal accounts and external wallets and exchanges. This added flexibility gives Venmo customers more options to manage their crypto assets. The rollout of this feature will begin in May 2023 and will continue over the coming weeks.
Venmo has become a popular choice for customers looking for a safe, secure and user-friendly platform to manage their crypto assets. More than 50% of Venmo crypto customers have chosen the platform specifically for these reasons. Over the past 12 months, more than 74% of Venmo crypto customers have continued to hold their crypto assets in their Venmo account, indicating a high level of trust in the platform.
To transfer crypto assets on Venmo, customers simply need to navigate to the Crypto tab in the Venmo app, view their coins and tap the Transfer arrows. They can then choose to Send crypto to a Venmo account or enter a recipient’s wallet address to send to PayPal or another external wallet. Customers can also tap Receive to display their unique crypto address QR code, which can be shared with others.
Customers should be aware that crypto transfers cannot be cancelled or reversed, so it is important to ensure that the recipient’s details are correct by checking the destination address carefully.
Venmo is committed to providing easy, quick and secure services for its customers. In addition to the ability to buy, hold and sell crypto on the platform, Venmo has also added Cash Back to Crypto for Venmo Credit Card customers and introduced price alerts for customers to track the price of cryptocurrencies in real-time. The platform intends to roll out additional crypto products and services in the year ahead.