Venmo Now Enables Sending Of Cryptocurrencies To Other Users

Money transfer service owned by Paypal In 2021 Venmo has entered the cryptocurrency market by launching an in-app trading platform. 

That wass only for private purchases or sales of cryptocurrency.

The business is now expanding into the formerly-heralded digital currency market by enabling users to transmit cryptocurrency to other Venmo users directly.

This appears to be Venmo's attempt to streamline the sometimes complex process of sending other people bitcoin.

In order to do this, the business claims it only takes a "few simple steps."

Simply go to the Crypto tab, tap the transfer arrow, and then adhere to the instructions.

The new Venmo platform now enables you to send money to external cryptocurrency wallets and Paypal accounts.

Additionally, by tapping Receive, a QR code with your specific crypto address will be displayed.

This does appear to be lot simpler than competing services, however since this is cryptocurrency, there is a big caveat.

These transactions are in no way, shape, or form protected. Make sure the Venmo handle or wallet address is correct before pressing the send button because once they are sent, they cannot be stopped or reversed. If it's gone, it's gone forever.

Venmo states that the update will start rolling out to users in the coming week, but as this is a tiered upgrade, it could take until the end of May before everyone has access to the functionality.

More information on the actual transfer procedure can be found here.

This tool only applies to cryptocurrencies like Bitcoin, Ethereum, Litecoin, and Bitcoin Cash that can be bought using Venmo and will not be accessible in Hawaii or New York.

Despite the fact that the public's enthusiasm for cryptocurrencies is beginning to wane, Venmo claims that growth on its trading platform has been consistent.

It boasts that 50% of cryptocurrency users have increased their balance since the start of 2023 and that approximately 75% of clients have kept their assets since 2021.