Venmo users can now transfer cryptocurrency to friends and family and to PayPal accounts and external wallets and exchanges.
PayPal-owned Venmo began letting its millions of users buy, hold and sell crypto directly within its app in 2021.
The new feature lets these users transfer Bitcoin, Ethereum, Litecoin and Bitcoin Cash to their Venmo contacts and to outside players.
Customers 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.
Customers can also tap Receive to display their unique crypto address QR code, which can be shared with other people.
While it has been a rocky few months for the sector, Venmo says that over the last year, more than 74% of its crypto customers have continued to hold their coins in their Venmo account.
In addition, since the beginning of 2023, nearly half of customers with existing crypto balances have added to their holdings on Venmo.