PayPal‘s subsidiary Venmo will be introducing cryptocurrency transfers soon, according to an announcement made on April 28. Starting in May, users will be able to transfer funds to Venmo and PayPal accounts, as well as third-party wallets and exchanges.
However, users will need to pay blockchain network fees when transferring funds to an external wallet or exchange, as per separate documentation.
The documentation also states that Venmo crypto transfers will not be available to users in New York and that Venmo’s crypto services are currently unavailable in Hawaii.
Although Venmo introduced crypto trading features in April 2021, this is the first time that users will be able to send and receive cryptocurrency through the app.
The app’s previous crypto trading feature allowed users to buy, sell, and hold crypto, but not transact it. Similarly, PayPal launched crypto trading functionality before introducing transfers, launching those services in October 2020 and June 2022, respectively.
Venmo and PayPal support Bitcoin, Ethereum, Litecoin, and Bitcoin Cash.
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