PayPal’s aim is to make it easier for Venmo customers to manage and move their cryptocurrencies by allowing them to transfer these digital assets to friends and family members within the Venmo community. In addition, users will be able to transfer crypto to PayPal accounts and external wallets. According to PayPal, the service will roll out to customers in May 2023.
Transferring crypto on Venmo can be done in a few steps, and it all starts with Venmo customers navigating to the 'Crypto' tab in the Venmo app. That’s where users can view their coins before tapping the 'Transfer' arrows and choosing to send crypto either to a Venmo account or by inputting a recipient’s wallet address to send to PayPal or another external wallet. Customers can also tap ‘Receive’ to view their unique crypto address QR code, which can be shared with other people.
It's worth noting that crypto transfers cannot be cancelled or reversed. For this reason, users are encouraged to make sure that the recipient’s details are correct by checking the destination address carefully.
In an effort to obtain more insights into the behaviour of its client base, PayPal conducted a survey of Venmo customers. The survey indicates that a large number of individuals are turning to Venmo to better manage their cryptocurrency. According to PayPal, more than half of Venmo’s crypto customers chose to use the firm’s crypto services. In addition, 74% of Venmo’s crypto customers chose to leave their investments in their Venmo accounts.
In 2023’s first quarter, almost 50% of Venmo customers who already possessed cryptocurrency balances expanded their portfolios by buying additional digital assets through Venmo.
PayPal rolled out its crypto service in the US in 2020 and expanded to the UK in 2021. In December 2022, the company revealed its plans to expand this service to Luxembourg. By introducing the service in Luxembourg, PayPal could end up serving the other 26 countries in the bloc thanks to the Markets in Crypto-Assets (MiCA) regulation, which states that any firm registered in any single member state could receive a licence to offer their services throughout the EU through the ‘passporting’ process.
For more information about PayPal, please check out their detailed profile in our dedicated, industry-specific Company Database.
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