PayPal Venmo will allow bitcoins to be transferred to external wallets in May

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Users who purchased bitcoin through the app will now be able to take custody of their BTC, as well as send it directly to other Venmo users.

Venmo, the PayPal-owned mobile payment platform, is launching the ability for its customers to transfer bitcoin to other Venmo users, PayPal accounts, and external wallets and exchanges, starting in May 2023. The company says that this decision responds to growing customer demand. for digital asset management options. According to the announcement, more than 50% of its cryptocurrency customers chose Venmo because of its safety, security, and ease of use, while more than 74% of customers continued to hold their cryptocurrency. cryptocurrency in their Venmo account over the past year.

The transfer process is designed to be simple and can be completed in a few steps through the Venmo app. Customers can go to the Crypto tab, view their assets, tap the transfer arrows, and choose to send bitcoins to a Venmo account, or by entering a recipients wallet address to send to PayPal or another wallet external. Customers can also tap Receive to view their unique bitcoin address QR code, which can be shared with others.

Venmo is quick to note that cryptocurrency transfers cannot be reversed or reversed, which may be difficult for new Bitcoin users to get used to, but eliminates chargebacks and other complications presented by fiat rails. .

Crypto transfers will be rolling out to Venmo customers over the next few weeks starting in May 2023, Venmo said in a press release. We were excited to connect Venmos customers to the community, other wallets and exchanges, and we intend to continue rolling out additional crypto products and services over the coming year.

Being one of the largest mobile finance apps in the US and a first step into bitcoin for many, this update now presents users with the option to take custody of their bitcoin, an essential step in achieving all properties that bitcoin entails. Venmos’ decision to add this feature demonstrates its understanding of the growing demand for users to be able to take full control of their bitcoin, thereby avoiding escrow-related mishaps.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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