Venmo will allow crypto transfers to other users and external wallets beginning in May.
At a Consensus 2023 interview titled “PayPal’s Next Chapter in Crypto,” da Ponte explained how the new feature will work:
“Starting in May, we are going to be enabling on-chain transfers from Venmo wallets, meaning that you can buy crypto on Venmo and send it to another Venmo user; you can send it to a PayPal user; you can send it to [an] external wallet; you can send it to your hardware wallet.” The executive said this feature would expand the choices available to Venmo users, which he said has proven successful when implemented on PayPal. It would also provide a “use case” for digital assets because now crypto will be used for “fast and free near-instant transfers between Venmo wallets and PayPal wallets, which is basically connecting two of the largest networks and wallets in the country.
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