Today, we are taking steps to make the management and movement of cryptocurrencies (crypto) for Venmo customers easy by introducing the ability to transfer crypto to friends and family in the Venmo community. Customers will also be able to transfer to a PayPal account and to external wallets and exchanges, delivering more choice and flexibility in how they move and manage their crypto. Crypto transfers will be rolling out to Venmo customers over the coming weeks starting in May 2023.
Customers continue to turn to Venmo to help manage their crypto. More than 50% of Venmo crypto customers say they chose Venmo specifically for the safety, security and ease of use it offers,1 and over the last 12 months, more than 74% of Venmo crypto customers have continued to hold their crypto in their Venmo account.2 In addition, since the beginning of 2023, nearly 50% of customers with existing crypto balances have added to their crypto holdings on Venmo.3
Transferring crypto on Venmo
Transferring crypto on Venmo can be done in a few simple steps. Venmo customers can navigate to the Crypto tab in the Venmo app, view their coins, then tap the Transfer arrows and choose to Send crypto – either to a Venmo account, or by entering in a recipient’s wallet address to send to PayPal or another external wallet. Any customer can also tap Receive to display their unique crypto address QR code, which can be shared with other people.
More detail on how to send or receive crypto can be found here. Customers should note that crypto transfers cannot be cancelled or reversed and should ensure the recipient’s details are correct by checking the destination address carefully.
Venmo remains committed to providing easy, quick and secure services for the Venmo community. Since introducing the ability to buy, hold and sell crypto on Venmo in 2021, we’ve also added Cash Back to Crypto for Venmo Credit Card customers, and introduced price alerts for customers to track the price of cryptocurrencies in real-time. We’re excited to connect Venmo’s customers to the community, other wallets and exchanges, and we intend to continue to roll out additional crypto products and services in the year ahead.
1PayPal Crypto Study – December 2022/January 2023 – sample size 4300
2Internal PayPal data spanning April 2022 – April 2023
3Internal PayPal Data spanning January 2023 – April 2023