Venmo Goes Crypto: PayPal's Push Reaches 60M Users!

Venmo Goes Crypto: PayPal's Push Reaches 60M Users!

written by John Murphy | April 29, 2023

What comes as a relief of sigh for various customers utilizing crypto assets? PayPal launched a new key feature for its 60 million Venmo customers.

This feature allows users to transfer cryptocurrency between its platforms and other DeFi Wallets. After the launch of a similar feature for its customers in 2022, PayPal initiated this new feature.

Key Takeaways:

  • PayPal launched a feature allowing 60 million Venmo customers to transfer cryptocurrency across its platforms and DeFi wallets.
  • PayPal acquired Venmo and processed $245.3 billion in transactions involving fiat currency in 2022.
  • The new transfer mechanism resulted from a collaboration with Paxos, a crypto firm specializing in stablecoins.
  • PayPal is happy to introduce Venmo customers to exchanges, communities, and wallets, with plans to launch more crypto products.
  • Despite increased US regulatory scrutiny of the crypto market, PayPal enables Venmo customers to transfer supported tokens to external wallets since June 2022.

Kyle took to Twitter and made an announcement about PayPal’s crypto Push. It allows Venmo users to transfer their cryptocurrency.

PayPal acquired Venmo in 2023. Venmo completed a total transaction worth two $245.3 billion. This transaction involved fiat currency in 2022 alone, according to the recent earnings statement of PayPal.

PayPal established a strategic collaboration with Paxos to introduce the new transfer mechanism. Paxos is a cryptocurrency firm that specializes in stablecoins.

rahul took to Twitter and made an announcement that PayPal will enable crypto transfer between Venmo accounts. It will also enable the transfer of other DeFi Wallets.

Moreover, the company quoted while talking about the new development. The firm stated that we are very happy to introduce customers of Venmo to exchange, community, and wallets. Additionally, the firm claimed to launch more crypto products in the years ahead. 

Since February, PayPal’s announcement has been one of the first crypto-related updates of the company. PayPal made this announcement when the firm reportedly stopped the stablecoin projects following the reports regarding Paxos.

Paxos is under investigation by the New York Department of Financial Services (NYDFS), a partner in the stablecoin offering.

BTCnews iOS App took to Twitter and made an announcement that PayPal launched a new feature for transferring cryptocurrency into many Venmo users’ accounts.

While the US regulators increase the investigation of the cryptocurrency market. The decision to extend the crypto services to Venmo consumers reaches an interesting stage.

The users of PayPal have permission to send their supported tokens into external wallets in June of last year’s calendar. These tokens involve Litecoin, Bitcoin, ether, and Bitcoin Cash.