Venmo users in America will be able to send out crypto transactions to other users, on-chain wallets, and hardware wallets, PayPal’s digital currency general manager Jose Fernandez da Ponte said on Friday.
PayPal, which acquired Venmo in 2013, released a similar feature for its users last year around June.
Over 60 million users in America can expect the feature to roll out by May 2023, da Ponte noted today while speaking on a Consensus panel in Austin, Texas.
Paypal, Venmo’s parent company, said on Friday at Consensus 2023, that cryptocurrency users will be able to make digital coin transfers to third-party wallets very soon. The four accepted cryptocurrencies on Venmo are Bitcoin, Ethereum, Litecoin, and Bitcoin Cash.
PayPal Activates More Crypto Channels On Venmo
According to the news shared today in Austin Texas, it will be available in the coming weeks starting in May 2023 and clients will be able to send cryptos to family and friends on the Venmo platform and other wallets in the crypto world. A similar feature has been available on Paypal since June 2022.
No matter where you are in your cryptocurrency journey, crypto on Venmo will help our community to learn ad explore cryptocurrencies on a trusted platform and directly in the app they know and love. Our goal is to provide our customers with an easy-to-use platform that simplifies the process of buying and selling cryptocurrencies and demystifies some of the common questions and misconceptions that consumers may have.
– Darrell Esch, SVP and GM of Venmo.
The statement issued by the company notes that external transfers will be subject to network fees. The decision to open this service to its more than 90 million users, comes at the same time the crypto industry is being strictly regulated in the US. PayPal halted its stablecoin plans as the crackdown on crypto in America intensified.
PayPal also has an inclination for making crypto-related announcements at Consensus.