Payment giant PayPal is taking a closer look at the cryptocurrency market by introducing a new feature for the popular mobile payment service Venmo.
Payments giant PayPal is expanding its cryptocurrency services to Venmo users and announced that it will introduce a new feature that allows customers to transfer cryptocurrencies.
Venmo, a mobile payment service owned by PayPal, has become a popular platform for direct transactions between users, and this new feature aims to allow users to manage their digital assets more flexibly.
Transferring cryptocurrency on Venmo will be a very easy process. Users can go to the Crypto tab in the Venmo app, view their cryptocurrency balance, and choose to send their crypto to another Venmo account or an external wallet by entering the recipient's wallet address.
Customers can also show their unique crypto address QR codes to receive digital assets from others. However, users should be aware that cryptocurrency transfers cannot be canceled or reversed, and they should ensure that the recipient's information is correct by verifying the destination address.
PayPal initially took a step that made it possible to buy, sell and hold certain cryptocurrencies such as Bitcoin, Ethereum, Litecoin and Bitcoin Cash and entered the cryptocurrency market in 2020.
This move was a response to the growing interest in digital assets and the need for more accessible and user-friendly platforms, triggering a new bull run. By entering the cryptocurrency space, PayPal aimed to encourage the adoption of cryptocurrencies and become a leader in digital payments.
These initially launched crypto services later started to be rolled out by the company to all eligible US customers and later the “Pay with Crypto” feature was introduced. This feature allowed users to shop at millions of online merchants using cryptocurrency amounts.
Since then, the company has continued to develop its cryptocurrency services. The latest update is expected to roll out to Venmo customers in the coming weeks, starting in May 2023.
