Venmo users will soon be able to send cryptocurrencies, the payment app’s parent company PayPal said. April 28th.
The announcement revealed that users will be able to send funds to Venmo and PayPal accounts, as well as third-party wallets and exchanges, starting in May.
Another document also suggests that users must pay blockchain network fees when transferring funds to external wallets or exchanges. The document also states that users in New York cannot use her Venmo cryptocurrency transfers, and that Venmo’s cryptocurrency services are not currently available in Hawaii.
While this is the first time Venmo users will be able to send and receive cryptocurrencies, the app previously introduced crypto trading functionality in April 2021.
Paypal likewise launched its crypto trading capabilities before the transfer began, as they introduced their services in October 2020 and June 2022 respectively.
PayPal and Venmo support Bitcoin, Ethereum, Litecoin and Bitcoin Cash.
CryptoSlate was the first for Venmo, a subsidiary of PayPal, to introduce cryptocurrency transfers.
