Venmo To Introduce Bitcoin Withdrawals To External Wallets in May
PayPal-owned mobile payment platform, Venmo, will enable its customers to transfer Bitcoin to other Venmo users, PayPal accounts, external wallets, and exchanges in May.
The company cites rising customer demand for digital asset management options as the reason for this move.
According to the announcement, over 50% of Venmo's cryptocurrency-using customers opted for Venmo due to its ease of use, safety, and security. Additionally, more than 74% of customers held their Bitcoin and cryptocurrencies in their Venmo account over the past year.
The Bitcoin transfer process through Venmo can be completed in just a few steps using the Venmo app. Customers can access the Crypto tab, view their assets, and tap the Transfer arrows to send Bitcoin to a Venmo account or an external wallet by entering the recipient's wallet address or a PayPal account.
Customers can also display their unique Bitcoin address QR code by tapping on the Receive button, which can be shared with others.
Venmo emphasizes that Bitcoin and cryptocurrency transfers cannot be canceled or reversed, which can be challenging for new Bitcoin users to adapt to but eliminates chargebacks and other complications typically associated with traditional financial infrastructure.
The press release states that “crypto transfers will be rolling out to Venmo customers over the coming weeks starting in May 2023.”