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Users of the mobile payment service will also be able to receive crypto through a QR code or external crypto address.

Users of mobile payments service Venmo will soon be able to buy cryptocurrencies and send them to other Venmo users or external wallets beginning in May, according to an April 28 announcement from PayPal executive Jose Fernandez da Ponte. PayPal is the parent company of Venmo.

Dropping in to announce a new feature of ours: crypto transfers⚡Get started now. https://t.co/R9QtUENfae pic.twitter.com/UoeEAWVhlz
— Venmo (@Venmo) April 28, 2023

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.”

An April 28 help page from Venmo’s website states that verified users will also be able to receive crypto from external addresses through a “crypto address QR code.”

Venmo started allowing crypto purchases in April 2021, and the app’s mobile version currently lists Bitcoin (BTC), Ether (ETH), Litecoin (LTC) and Bitcoin Cash (BCH) as options. Crypto features do not appear to be available on the desktop version.

PayPal has partnered with other companies to expand its crypto service offerings. In December, the payment provider integrated with MetaMask, allowing MetaMask users to purchase crypto through their PayPal personal accounts and have it sent directly to their self-custodial wallets.

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Adoption

The move comes after nearly two years since PayPal enabled users to buy and sell crypto on its platform.

After rolling out the ability to buy and sell crypto on its platform in October 2020, PayPal is finally allowing users the ability to natively transfer, send and receive digital assets between PayPal and other wallets and exchanges. As of Tuesday, the feature is available to select U.S. users, with the feature expanding to all eligible U.S. users in the coming weeks. The first batch of supported coins consists of Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH) and Litecoin (LTC).

In addition, customers who transfer their crypto onto PayPal can spend it via Checkout at millions of merchant terminals. The company has been granted a full Bitlicense by the New York Department of Financial Services for the conduct.

Users would simply need to log in to their accounts and enter the crypto section of the application to start transferring transfer coins. Users are generally required to complete a one-time ID verification before the procedure.

Crypto transfers to recipients outside of PayPal would incur a network fee based on their respective blockchains, but transfers between PayPal users will not incur such fees. To protect users' privacy, the firm generates a new recipient address for each transaction into one's PayPal account. PayPal will also not charge fees for incoming transfers,

The company is also working to integrate other forms of cryptocurrency services, such as central bank digital currencies, to boost its digital footprint. It is also exploring the possibility of launching its own stablecoin, dubbed "PayPal Coin ." The discovery came after a developer found evidence of such a stablecoin within the source code of the company's iPhone app.

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