Venmo to Launch Fiat-to-crypto Payments in May

Users of PayPal-owned mobile payment service Venmo will be able to purchase cryptocurrencies and transfer them to other Venmo users or external wallets starting in May, according to an announcement made by PayPal executive Jose Fernandez da Ponte on April 28.

At a Consensus 2023 interview, da Ponte explained how the feature will work in detail:

“Starting in May, we are going to be enabling on-chain transfers from Venmo wallets, meaning that you can buy crypto on Venmo and send it to another Venmo user; you can send it to a PayPal user; you can send it to [an] external wallet; you can send it to your hardware wallet.”

According to da Ponte, the feature would expand the choice of features to Venmo users; an initiative which was successful when launched on PayPal. Such move will make crypto transfers easier, as crypto will be used for “fast and free near-instant transfers between Venmo wallets and PayPal wallets, which is basically connecting two of the largest networks and wallets in the country.”

Venmo’s mobile version currently includes Bitcoin (BTC), Ether (ETH), Litecoin (LTC) and Bitcoin Cash (BCH) as available cryptocurrency options, and as for the end of April, the fiat-to-crypto payment feature does not seem to be available on desktop.

Sources:

https://cointelegraph.com/news/venmo-will-enable-fiat-to-crypto-payments-in-may

https://www.cryptopolitan.com/venmo-to-introduce-fiat-to-crypto-payments-in-may/

https://newsroom.paypal-corp.com/2023-04-28-Introducing-Crypto-Transfers-for-Venmo-Customers

https://help.venmo.com/hc/en-us/articles/16145303480595-Crypto-Transfers-

https://twitter.com/Venmo/status/1652000306811613196