Paypal Upgrades Crypto Services to 60 Million Venmo Users, Allowing Transfers to External Wallets and Exchanges – Bitcoin News

After the American financial technology giant Paypal rolled out crypto payments last year, the company is now introducing cryptocurrency transfer services to Venmo users. The firm detailed that Venmo customers will be able to send funds to an existing Paypal account, an external wallet, or a crypto exchange platform.

Venmo Customers Can Now Transfer Cryptocurrency to Paypal Users, External Accounts, and Exchanges

On April 28, the payments services company Paypal announced that Venmo’s 60 million customers can now enjoy cryptocurrency transfers. The rollout follows Paypal’s crypto transfer launch last summer after initially introducing the product without the ability to transfer to external accounts. Similarly, up until now, Venmo only allowed its customers to buy, hold, and sell after integrating crypto in 2021.

How To Get Free Crypto  

“Crypto transfers will be rolling out to Venmo customers over the coming weeks starting in May 2023,” Paypal said on Friday.

In a bid to gather more insights into the behavior of its clientele, Paypal conducted a survey of Venmo customers. The findings revealed that a considerable number of individuals are now flocking to Venmo to better manage their cryptocurrency. More than half of Venmo’s crypto customers elected to use the firm’s crypto services. 74% of Venmo’s crypto customers opted to leave their investments in their Venmo accounts.

During the first quarter of 2023, almost 50% of Venmo customers who already possessed cryptocurrency balances chose to expand their portfolios by acquiring additional digital assets through Venmo. Paypal issued guidelines detailing the process of transferring crypto, along with a blog post on the topic.

The company emphasized that crypto transfers cannot be undone or reversed and urged customers to verify the recipient’s details by carefully inspecting the destination address. Moreover, Venmo cardholders can take advantage of incentives that offer cashback in the form of crypto assets and receive price alerts about fluctuations in crypto values.

Coinbase Banner  
Tags in this story
Crypto, Cryptocurrency, Digital Assets, Exchanges, external wallets, Fintech, incentives, Investments, Payments, Paypal, transfers, Venmo

What are your thoughts on Paypal’s move to offer cryptocurrency transfer services to Venmo users? Do you believe this will make it easier for more people to invest in digital assets? Share your views in the comments section below.

Jamie Redman

Jamie Redman is the News Lead at News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 7,000 articles for News about the disruptive protocols emerging today.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Read disclaimer

Go to Source
Author: Jamie Redman

Recommended Crypto Services, Products and Strategies:

The first thing any crypto investor needs is is a reliable and secure Crypto Wallet.  Whether you’re looking for an online wallet, hardware wallet, desktop or mobile wallet, Crypto Renegade provides you with all the Best Crypto Wallets in each category.

FreeBitcoin Banner  

Best Crypto Wallets Banner

When you’re ready to buy more crypto, or exchange your coins for others, Crypto Renegade’s list of the Best Crypto Exchanges has you covered.  The Crypto Exchanges recommended here offer everything from simplicity and convenience to advanced trading platforms and profit sharing. 

Best Crypto Exchanges Banner

If you want to learn more about the methods and tools that can be used to find Great Crypto Projects, then be sure to check out Crypto Renegade’s strategy for How To Find The Best Cryptocurrency.

Crypto Strategy Banner

For those people that don’t have any money to invest right now, or just want to understand the technology a bit more, you’ll definitely want to check out Crypto Renegade’s Free Crypto Strategy and start collecting Free Coins today!

Free Crypto Banner

What do you think about cryptocurrency? Do you have any questions about it? Be sure to leave a comment below.

This site uses Akismet to reduce spam. Learn how your comment data is processed.