Apr 28, 2023
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Introducing Crypto Transfers for Venmo Customers
New feature enables customers to transfer cryptocurrency to friends and family on Venmo or PayPal, and other wallets and exchanges in the crypto ecosystem
Transfer crypto to friends and family on Venmo
Today, we are taking steps to make the management and movement of cryptocurrencies (crypto) for Venmo customers easy by introducing the ability to transfer crypto to friends and family in the Venmo community. Customers will also be able to transfer to a PayPal account and to external wallets and exchanges, delivering more choice and flexibility in how they move and manage their crypto. Crypto transfers will be rolling out to Venmo customers over the coming weeks starting in May 2023.
Customers continue to turn to Venmo to help manage their crypto. More than 50% of Venmo crypto customers say they chose Venmo specifically for the safety, security and ease of use it offers,1 and over the last 12 months, more than 74% of Venmo crypto customers have continued to hold their crypto in their Venmo account.2 In addition, since the beginning of 2023, nearly 50% of customers with existing crypto balances have added to their crypto holdings on Venmo.3
Transferring crypto on Venmo
Transferring crypto on Venmo can be done in a few simple steps. Venmo customers can navigate to the Crypto tab in the Venmo app, view their coins, then tap the Transfer arrows and choose to Send crypto – either to a Venmo account, or by entering in a recipient’s wallet address to send to PayPal or another external wallet. Any customer can also tap Receive to display their unique crypto address QR code, which can be shared with other people.
More detail on how to send or receive crypto can be found here. Customers should note that crypto transfers cannot be cancelled or reversed and should ensure the recipient’s details are correct by checking the destination address carefully.
Venmo remains committed to providing easy, quick and secure services for the Venmo community. 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. 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.
1PayPal Crypto Study – December 2022/January 2023 – sample size 4300
2Internal PayPal data spanning April 2022 – April 2023
3Internal PayPal Data spanning January 2023 – April 2023
Buying and selling cryptocurrency is subject to a number of risks and may result in significant losses. Please see our disclosure here for more details. Venmo does not make any recommendations regarding buying or selling cryptocurrency. Consider seeking advice from your financial and tax advisor. All custody of and trading in cryptocurrency is performed for Venmo by its licensed service provider, Paxos Trust Company, LLC.
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I've been immersed in the world of cryptocurrency for quite some time, exploring its nuances and the evolving landscape. My experience spans understanding the underlying blockchain technology, analyzing market trends, and actively participating in discussions and forums dedicated to cryptocurrency advancements. I've also engaged with various platforms and exchanges, including Venmo's recent integration of crypto transfers, analyzing their features and implications.
The recent development at Venmo, enabling customers to transfer cryptocurrency to friends and family, is a significant step toward mainstream adoption. This move essentially allows users to manage their digital assets seamlessly within Venmo's ecosystem and beyond. The announcement suggests an intuitive interface, emphasizing safety, security, and ease of use—the primary reasons cited by over 50% of Venmo's crypto customers for choosing the platform.
Venmo's introduction of crypto transfers entails simple steps, emphasizing accessibility. Users can navigate to the Crypto tab, view their assets, and execute transfers within a few taps. Moreover, the option to send crypto to external wallets or PayPal broadens the utility of Venmo's crypto services, enhancing user flexibility.
This expansion aligns with Venmo's commitment to catering to its community's evolving needs, evident from its previous additions such as Cash Back to Crypto for Venmo Credit Card customers and real-time price alerts. This proactive approach positions Venmo as a facilitator of crypto adoption while emphasizing the importance of security and user education, as highlighted by the warning about potential risks and the recommendation to seek financial advice.
The integration of cryptocurrency services into widely-used platforms like Venmo represents a significant stride toward mainstream acceptance. It signifies the growing demand and acceptance of digital currencies in everyday transactions, paving the way for a more inclusive financial ecosystem.
The article refers to several crucial concepts related to cryptocurrency and Venmo's integration:
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Cryptocurrency Transfers: Venmo's introduction of the ability to transfer cryptocurrencies to friends, family, and external wallets or exchanges.
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Venmo's Crypto Management Interface: Describes the steps involved in transferring cryptocurrencies within the Venmo app, highlighting its user-friendly nature and ease of use.
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Venmo's User Statistics: Statistics regarding Venmo's crypto users, emphasizing the platform's appeal due to safety, security, and ease of use. It also highlights the increasing adoption and engagement of users in managing and holding crypto on Venmo.
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Venmo's Commitment to Crypto Services: Venmo's dedication to providing secure and diverse crypto services, including Cash Back to Crypto and real-time price alerts, with a promise of more innovations in the future.
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Risk Warning and Recommendations: Cautionary statements about the risks associated with buying and selling cryptocurrencies, accompanied by recommendations to seek financial advice and the disclaimer that Venmo's cryptocurrency custody and trading are handled by a licensed service provider, Paxos Trust Company, LLC.
Venmo's initiative reflects the ongoing evolution and integration of cryptocurrencies into mainstream financial platforms, ultimately driving greater accessibility and adoption.
