PayPal Subsidiary Venmo to Launch Cryptocurrency Transfers
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PayPal, which owns Venmo, said on April 28 that users will soon be able to send and receive cryptocurrency with the app.
Users will be able to move money to Venmo, PayPal, and third-party wallets and exchanges starting in May, according to that statement.
When moving money to an external wallet or exchange, users may also have to pay fees to the blockchain network, according to separate documents. In that paperwork, it also says that Venmo users in New York will not be able to send or receive crypto payments and that none of Venmo’s crypto services are available in Hawaii right now.
Venmo users will be able to send and receive cryptocurrency for the first time, but the app already had tools for trading cryptocurrency in April 2021. With this tool, Venmo users could buy, sell, and hold cryptocurrency, but they couldn’t send or receive it.
In a similar way, Paypal added the ability to trade crypto before it added the ability to send money, as it did in October 2020 and June 2022, respectively.
Bitcoin, Ethereum, Litecoin, and Bitcoin Cash can all be used with PayPal and Venmo.