• Paypal announced plans to roll out a feature that allows Venmo users to transfer cryptocurrencies to each other natively on the app.
• The feature will be available in May 2023 and supports four cryptocurrencies – bitcoin, ethereum, litecoin and bitcoin cash.
• Paypal has been rolling out more crypto services and products over the past two years with the intention of continuing this trend.
PayPal Rolling Out Crypto Transfers
PayPal has announced plans to roll out a feature that allows over 70 million Venmo customers to transfer cryptocurrencies directly within the Venmo app. The cryptocurrency transfers will be available in May 2023, with four major digital currencies supported: Bitcoin, Ethereum, Litecoin, and Bitcoin Cash. Users can also transfer their holdings to external wallets and exchanges.
Cash Back To Crypto Feature
In August 2021, Venmo introduced its “cash back to crypto” feature which allowed credit card customers to use cash back earned on their purchases for buying cryptocurrency from their accounts automatically. PayPal first enabled crypto transfers for their own platform in October 2020 before incorporating it into Venmo about six months later in April 2021.
Crypto Investment Warning
Customers are urged by PayPal to exercise caution when using these features as cryptocurrency transfers are irreversible and cannot be canceled. PayPal CEO Dan Schulman stated in 2022 that people should expect significant changes over the next five years related to cryptocurrencies as they continue rolling out more services and products related to digital assets.
Over $500 Million In Crypto Assets Held By PayPal
At the end of 2022, PayPal was reported by financial news sources as holding over $500 million in digital assets on its platform alone – a figure likely increased by further integration of crypto payments into their offerings since then.
Future Of Cryptocurrency With PayPal
The expansion of cryptocurrency transfers onto Venmo is part of an ongoing trend by PayPal towards greater support for digital currencies across its platforms – a trend expected to continue throughout 2023 as they look towards future developments within this space.