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Venmo Shakes Up Crypto World With Exciting New Transfer Feature

Press Releases Crypto News BeInCrypto Venmo Shakes Up Crypto World With Exciting New Transfer Feature

Venmo is launching a new crypto transfer feature.

In a press release, PayPal, which owns the Venmo payment app, said that users will be able to transfer cryptocurrencies between Venmo wallets. They will also be able to transfer to PayPal accounts and to external wallets and exchanges.

Peer-to-Peer Crypto Transfers Gain Momentum

Venmo first dipped its toes into the crypto market in 2021 when it launched its in-app trading platform. However, until now the app only supported buying and selling crypto assets, not transferring them.

The introduction of full crypto wallet functionality to such a popular payment app marks a significant milestone in the journey toward the mainstream adoption of cryptocurrencies.

Both the PayPal and Venmo brands are well-known among the general population. By integrati ng crypto transfers, millions of Venmo users will be able to send assets like Bitcoin to their peers. It also opens up an opportunity for the normalization of crypto payments.

Building on the success of its popular interface, Venmo is hoping a straightforward user experience will help attract people to the new feature. Users will be able to identify a recipient with their wallet address. They will also be able to generate a unique identifying QR code that they can share with others.

Venmo Plays Catchup to Cash App

Venmo’s recent announcement could be a reaction to the threat of increasing competition in the mobile peer-to-peer (P2P) payments market.

For example, although Venmo remains one of the most popular payment apps in the U.S., the likes of Cash App have also risen to prominence.

In fact, last year Ark Invest CEO Cathie Wood revealed that her company had ditched its PayPal shares in favor of Cash App owner Block.

“We tend to put our bets with who we believe will be the winners,” Wood commented. “As we consolidate our portfolios during a risk-off period, we chose Block over PayPal.”<

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Author: James Morales

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