New Venmo Feature Lets Users Transfer Crypto To Outside Wallets - and To Each Other

Venmo soon will allow users to transfer their Bitcoin, Ethereum, Litecoin, and Bitcoin Cash to outside wallets -- as well as to other users of the popular payment app. From a report: The feature will roll out starting in May, according to a statement from PayPal, which acquired Venmo in 2013. Users can also transfer crypto to their PayPal wallets, which released a similar ability for users in 2022. Crypto transfers on Venmo will be irreversible, just like crypto transactions more broadly -- a function of cryptocurrency's use of blockchains, or immutable public ledgers. To roll out the transfer system, PayPal is partnering with Paxos, a crypto firm that specializes in stablecoins.

"We're excited to connect Venmo's customers to the community, other wallets and exchanges, and we intend to continue to roll out additional crypto products and services in the year ahead," PayPal said in its statement. The announcement from PayPal is one of the first drips of crypto updates from the payments giant since February, when it was reported that the publicly traded company was pausing work on its own stablecoin after reports that Paxos, its partner in the effort, was under investigation from the New York Department of Financial Services, a key player among U.S. cryptocurrency regulators.

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