Venmo will soon provide the facility to transfer cryptocurrency to its customers. Through the new feature starting in May, Venmo’s customers will be able to transfer cryptocurrencies to other Venmo users, PayPal accounts, other wallets, and exchanges. The mobile payment service owned by PayPal announced in a press release on Friday (April 28) that this feature will be available soon.
In the statement, the company said, “We are excited to connect Venmo’s customers with the community, other wallets, and exchanges, and we intend to continue releasing additional crypto products and services in the coming year.
According to research by PYMNTS, nearly three-quarters of consumers had cryptocurrency in the 12 months leading up to Q4 2022. Venmo has introduced a new feature that allows its customers to transfer cryptocurrency. To use this feature, customers open the cryptocurrency tab on the Venmo app, view their coins, tap on the transfer arrow, and then choose to send the cryptocurrency to other Venmo accounts or wallet addresses. Customers can also tap on the receive button to share their cryptocurrency address with others. This feature will be available soon.
Revolutionizing the Future of Cryptocurrency: How Venmo’s Latest Offerings are Making Waves in the Market
In their advertisement, Venmo stated that they are committed to providing easy, fast, and secure services for their community. They started offering the ability to buy, hold, and sell cryptocurrencies through the Venmo app in April 2021 and also included cashback in crypto for Venmo credit card customers. Additionally, they presented price alerts for customers to track the real-time value of cryptocurrencies.
According to Venmo, over 30% of their users were already using crypto or equity before the introduction of these services, with 20% starting during the COVID pandemic.
Venmo launched its crypto price alert tool in November 2021, enabling customers to set price alerts for four cryptocurrencies – Bitcoin, Ethereum, Litecoin, and Bitcoin Cash. With this new feature, customers can receive alerts when the prices of these currencies increase or decrease by 5% or 10%. Additionally, in August 2021, Venmo added the ‘Cash Back to Crypto’ program, which allows customers to automatically purchase crypto using earned cash back from their Venmo card purchases.