Venmo To Allow Cryptocurrency Transactions Starting In May

Mobile payments service Venmo is set to expand its offerings to include cryptocurrency transactions. Starting in May, Venmo users can purchase cryptocurrencies such as Bitcoin and Litecoin and send them to other Venmo users or external wallets. PayPal executive Jose Fernandez da Ponte announced during an interview at the Consensus 2023 conference.

Da Ponte explained that the feature would allow on-chain transfers from Venmo wallets, meaning users can buy crypto on Venmo and send it to other Venmo users, PayPal users, or external wallets. Moreover, the move will give Venmo users more choices and a “use case” for digital assets.

Venmo began allowing crypto purchases in April 2021; the mobile version only lists Bitcoin, Litecoin, and Bitcoin Cash as options. However, users who have completed the verification process can receive cryptocurrency from external sources by scanning a “crypto address QR code according to a help page on Venmo’s website.

The move to allow crypto transactions is part of PayPal’s broader efforts to expand its cryptocurrency. In December, PayPal collaborated with MetaMask to integrate their services, enabling users to purchase crypto through their accounts and send it directly to their self-custodial wallets.

Benefits Of Venmo’s Crypto Expansion

The expansion of Venmo’s crypto offerings will provide numerous user benefits. The QR code and external crypto address facilitate quick and easy transfers, adding to the convenience of using Venmo and PayPal. By linking these networks and wallets, users will have greater flexibility and options for managing their digital assets.

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Additionally, the ability to buy and sell cryptocurrencies through Venmo will provide users with more options for managing their finances. As cryptocurrencies become more mainstream, the ability to transact with them on popular platforms like Venmo will become increasingly important.

Overall, the expansion of Venmo’s crypto offerings is a positive development for Venmo users and the broader cryptocurrency community. Additionally, with more people using cryptocurrencies for everyday transactions, the future of digital assets looks bright.

The author’s views are for reference only and shall not constitute any investment advice. Please ensure you fully understand and assess the products and associated risks before purchasing

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