Paypal-owned money transfer service Venmo dipped its toes into cryptocurrencies in 2021 after opening up an in-app trading platform. That was just for individuals to buy or sell crypto. Now, the company is going further into the once-heralded digital currency space by allowing users to send crypto directly to other Venmo customers.
This looks to be Venmo’s attempt to simplify the often-confusing task of sending crypto to other people. To that end, the company says this feat is easily accomplished in a “few simple steps.” Just head to the Crypto tab, tap the transfer arrow and follow the prompts. Venmo’s new platform also lets you send currency to Paypal handles and any external crypto wallet. You can also tap Receive to display a QR code that’s embedded with your unique crypto address.
This does seem much easier than rival platforms, but this is crypto, so there is a major caveat. These transfers are not protected in any way, shape or form. They cannot be canceled or reversed, so triple-check the Venmo handle or wallet address before slapping that send button. Once it’s gone, it’s gone.
More details on the actual transfer process are found here and Venmo says the update will begin rolling out to users in the next week, but this is a tiered update, so it could be until the end of May before everyone has access to the feature. This tool will not be available in Hawaii and New York and it only pertains to cryptocurrencies available for purchase on Venmo, like Bitcoin, Ethereum, Litecoin and Bitcoin Cash.
Despite the public’s love affair with crypto starting to cool down, Venmo says that its trading platform has seen steady growth. It boasts that nearly 75 percent of crypto customers have held onto their funds since 2021 and that 50 percent have expanded their balance since the beginning of 2023.
This article originally appeared on Engadget at https://www.engadget.com/venmo-now-lets-you-send-crypto-to-other-users-for-some-reason-192015694.html?src=rss