Venmo users will soon be able to transfer cryptocurrency, the payment app’s parent company PayPal said on April 28.
That announcement revealed that users will be able to transfer funds to Venmo and PayPal accounts as well as third-party wallets and exchanges beginning in May.
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Separate documentation additionally suggests that users will need to pay blockchain network fees when transferring funds to an external wallet or exchange. That documentation also says that Venmo crypto transfers will not be available to users in New York and that none of Venmo’s crypto services are currently available in Hawaii.
Though this is the first time that Venmo users will be able to send and receive cryptocurrency, the app previously introduced crypto trading features in April 2021. This feature allowed Venmo users to buy, sell, and hold crypto — but not transact it.
Paypal similarly launched crypto trading functionality before it launched transfers, as it introduced those services in October 2020 and June 2022 respectively.
PayPal and Venmo support Bitcoin, Ethereum, Litecoin, and Bitcoin Cash.
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