Revolutionizing Payment Methods: Venmo Introduces Fiat-to-Crypto Payments in May

Venmo to Enable Crypto Transactions in May 2023

Users of Venmo, the mobile payments service, will soon have the option to buy and send cryptocurrencies to other Venmo users or external wallets, according to an announcement by PayPal executive Jose Fernandez da Ponte on April 28. The new feature is expected to be launched in May 2023, and PayPal is the parent company of Venmo.

On-Chain Transfers to Multiple Wallets

During a Consensus 2023 interview titled “PayPal’s Next Chapter in Crypto,” da Ponte revealed that Venmo users can make on-chain transfers from their Venmo wallets. This means users can buy crypto on Venmo and transfer it to other Venmo users, PayPal users, external wallets, or hardware wallets. According to da Ponte, the new feature will expand the choices available to Venmo users and provide a “use case” for digital assets. The feature will also facilitate fast, free, and near-instant transfers between Venmo and PayPal wallets, connecting two of the largest networks and wallets in the country.

QR Codes for Crypto Address Verification

Verified Venmo users will also be able to receive crypto from external addresses through a “crypto address QR code” starting in May. The QR code will make it easier for users to receive cryptocurrencies through their Venmo accounts and help ensure secure and verified transactions.

Current Crypto Options on Venmo

Venmo started allowing crypto purchases in April 2021, and the mobile version of the app currently offers four options: Bitcoin (BTC), Ether (ETH), Litecoin (LTC), and Bitcoin Cash (BCH). However, the desktop version of the app does not appear to have crypto features.

Partnerships to Expand Crypto Offerings

PayPal has partnered with other companies to expand its crypto service offerings. In December 2022, PayPal integrated with MetaMask, allowing MetaMask users to purchase crypto through their PayPal personal accounts and have it sent directly to their self-custodial wallets. The move was aimed at expanding the adoption of cryptocurrencies and making it easier for users to access and manage their digital assets.