Venmo will soon enable its customers to transfer cryptocurrency.
With a new feature that will be rolled out beginning in May, Venmo customers will be able to transfer crypto to other Venmo users, PayPal accounts, other wallets and exchanges, the mobile payment service owned by PayPal said in a Friday (Apil 28) press release.
“We’re excited to connect Venmo’s customers to the community, other wallets and exchanges, and we intend to continue to roll out additional crypto products and services in the year ahead,” the company said in the release.
PYMNTS research has found that nearly one-third of consumers said they held crypto in the 12 months prior to being surveyed in the fourth quarter of 2022.
When using Venmo’s new feature, customers open the Crypto tab on the Venmo app, view their coins, tap the Transfer arrows, and choose to Send crypto to another Venmo account or to a wallet address, according to the press release.
Customers can also tap Receive to share their crypto address QR code with others, the release said.
“Venmo remains committed to providing easy, quick and secure services for the Venmo community,” the company said in the release. “Since introducing the ability to buy, hold and sell crypto on Venmo in 2021, we’ve 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 company began offering its customers the ability to buy, sell and hold crypto from the app in April 2021, saying at the time that more than 30% of Venmo users were already using crypto or equities and that 20% of them had begun doing so during the COVID pandemic.
Venmo’s crypto price alert tool was unveiled in November 2021, enabling customers to set price alerts for four cryptocurrencies — bitcoin, Ethereum, Litecoin and Bitcoin Cash — and receive alerts when the price of these currencies rises or falls by 5% or 10%.
In August 2021, the company added the Cash Back to Crypto program in which customers using its credit card can automatically buy crypto using cash back earned from Venmo card purchases.
