Venmo To Enable Fiat–to–Crypto Payments May Onwards

May 1, 2023

Venmo To Enable Fiat–to–Crypto Payments May Onwards

According to the recent announcement from Paypal, the parent company of Venmo, Users of mobile payments service will now be able to buy and send cryptocurrencies to other Venmo users or external wallets starting in May. Moreover, users will also be able to receive cryptocurrencies through QR codes or external crypto addresses.

According to the parent company, Venmo’s latest feature will expand the choices for the user as a similar strategy was implemented on Paypal which proved successful. It will also provide an additional use case for digital assets for facilitating fast and free near-instant transfers between Venmo and Paypal wallets. As a result, it strives to connect the two largest networks and wallets in the country.

Back in April 2021, Venmo started allowing crypto purchases. As a result the App’s mobile version currently encompasses Bitcoin and Bitcoin Cash as the option. However, the crypto feature does not seem to appear on its desktop version.

PayPal which is a known name in the payment industry has already partnered with other companies for expanding its crypto service offerings. In December 2022, the payment provider collaborated with MetaMask for facilitating crypto purchases through Paypal personal accounts and sent back directly to the self-custodial wallets.

The initiative of Venmo to make cryptocurrency more inclusive is seen as a great step by industry experts.

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