Venmo, the money transfer service owned by PayPal, has announced that users can now send cryptocurrencies directly to other Venmo customers. This move comes after Venmo launched an in-app trading platform for individuals to buy or sell cryptocurrencies earlier this year.
The ability to send crypto directly to other users aims to simplify the often-confusing task of transferring digital currencies. Venmo says the process can be easily accomplished in just a few simple steps. Users can head to the Crypto tab, tap the transfer arrow, and follow the prompts to send currency to other Venmo users, PayPal handles, or external crypto wallets. The app also allows users to display a QR code embedded with their unique crypto address, making it easier to receive payments.
However, it’s important to note that these transfers are not protected in any way and cannot be canceled or reversed once initiated. Users must ensure they triple-check the Venmo handle or wallet address before sending any cryptocurrency.
BREAKING: PayPal announces Venmo users can withdraw #Bitcoin to external wallets, starting in May! pic.twitter.com/PSzr96yfew
— Bitcoin Archive (@BTC_Archive) April 28, 2023
While Venmo’s new crypto feature seems to be simpler than those of rival platforms, it’s crucial for users to exercise caution when transferring funds. The company has provided more information on the transfer process on its website, and the update will be rolling out to users in the coming weeks. However, it is a tiered update, so not all users will have access to the feature immediately.
It’s worth noting that Venmo’s new feature is currently unavailable in Hawaii and New York and is limited to cryptocurrencies available for purchase on the platform, such as Bitcoin, Ethereum, Litecoin, and Bitcoin Cash.
Overall, Venmo’s new feature represents a significant step forward for the platform in the cryptocurrency space. By enabling users to send crypto directly to other Venmo customers, the service is making it easier for people to transact in digital currencies. However, users must be cautious and take necessary precautions to ensure the safe transfer of funds.
