Back in the year 2021, Venmo users could buy and sell cryptocurrency. Now, they will be able to send tokens as if they were real money.
On April 28, Venmo, a popular mobile payment platform owned by PayPal, stated that in the next few weeks, it will add a new feature that will let users transfer cryptocurrencies on and off the platform. This move is seen as part of Venmo’s ongoing efforts to meet its users’ growing need for services based on cryptocurrencies.
A press release says that the new feature will give people more ways to move and handle cryptocurrencies. Users should be able to use it starting in May 2023, which will make managing their digital goods even easier.
Since the beginning of 2023, Venmo said that almost half of its customers with cryptocurrency amounts have added to their stash because it is safe and easy to use. This rapid growth shows that more and more people are interested in cryptocurrencies and that they need easier-to-use tools and platforms to handle them.
Also, more than 74% of clients who store cryptocurrencies in their Venmo wallets have kept them there for the past year. The company sees this as proof that cryptocurrencies are widely accepted and that users trust Venmo to store and manage their digital assets safely.
The company said that the process of transferring would be simple and easy to understand. Users just need to go to the “Cryptocurrency” tab in the app, look at their coins, and tap “Send Crypto” to move coins on or off the wallet. This simpler process is meant to encourage even people who have never used cryptocurrencies before to learn more about them and get involved.
In the same way, Venmo users will be able to accept cryptocurrency via QR codes. Like any other crypto transaction, transfers can’t be undone or stopped once they’ve been sent, so be careful when entering the address of the person you want to send the money to. Venmo will probably add more security features and prompts to make sure that users double-check the details of their transactions before approving.
Venmo Uses Cryptocurrency to Gain Users
According to CryptoPotato, Venmo joined the crypto industry in April 2021 when it revealed that its more than 70 million users would be able to buy Bitcoin and other cryptocurrencies with their account. With this move, Venmo became a key player in the market for cryptocurrencies, which is growing quickly.
The platform lets you buy and sell Bitcoin, Ethereum, Litecoin, and Bitcoin Cash, according to its website. Users couldn’t use cryptocurrency as digital cash. Instead, the first version of Venmo treated cryptocurrency more like an object that users could buy and hold. But the new move feature could lead Venmo to start accepting more cryptocurrencies, which would make it more appealing to a wider range of crypto fans.
Concerning the limit, it’s important to know that, unlike a cryptocurrency market, Venmo puts a limit of $20,000 per week and $50,000 per year on the amount of coins you can buy. These limits make sure that users trade responsibly and handle their risks.
