What’s the Buzz?
If you thought Venmo was just for splitting dinner bills or sending your friend $5 for a hot dog, think again! Starting in May, Venmo users will be able to dip their toes into the crypto waters. They’re rolling out a shiny new feature that will let users buy cryptocurrencies and send them to other Venmo users or even external wallets. Talk about leveling up your payment game!
Direct Transfers Made Easy
During a recent interview, PayPal executive Jose Fernandez da Ponte shared that this new feature involves enabling on-chain transfers from Venmo wallets. This means, for you savvy folks out there, you can buy crypto on Venmo and send it not just to other Venmo users but also to PayPal users and external wallets, including hardware wallets. Now that’s what we call a financial fiesta!
The Fast and the Free
One of the most exciting aspects of this feature is that users can execute “fast and free near-instant transfers” between Venmo and PayPal wallets. Imagine being able to send your buddy some Bitcoin quicker than you can say “blockchain”! Da Ponte suggests this new functionality is not just a trend but a real use case for digital assets—finally putting a purpose behind our indulgent crypto purchases.
Receiving Crypto: The New Warm Welcome
In addition to sending crypto, verified users will receive funds from external addresses through a crypto address QR code. Yes, you heard that right—no more awkward fumbling with digits; just scan and go! This step definitely enhances the user experience, making crypto a more appealing and less daunting task.
A Look Back: Venmo’s Crypto Journey
For those who might have missed it, Venmo embraced the crypto craze in April 2021, allowing purchases of popular currencies like Bitcoin (BTC), Ether (ETH), Litecoin (LTC), and Bitcoin Cash (BCH). However, it’s worth noting that these features aren’t available on the desktop version yet. So don’t expect to send your crypto while pretending to work at your desk!
PayPal’s Expanding Empire
Not to be left behind in the crypto revolution, PayPal has also been busy forging partnerships to enhance its offerings. A recent collaboration with MetaMask means users can now purchase crypto directly through their PayPal accounts, sending it seamlessly to self-custodial wallets. If that doesn’t scream convenience, I don’t know what does!
