Paypal Launches Cryptocurrency Transfers for Venmo Customers

According to PayPal CEO José Fernandez da Ponte on April 28, users of mobile payment service Venmo will soon be able to buy cryptocurrencies and send them to other Venmo users or external wallets starting in May. PayPal is the parent company of Venmo.

“Starting in May, we are going to enable on-chain transfers from Venmo wallets, which means you can buy cryptocurrency 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.” said Ponte.

More than 70 million users of PayPal’s Venmo mobile payment service can now buy, sell, and store cryptocurrencies inside a branded mobile app using the funds contained in the wallet.  Clients got the opportunity to work with four digital currencies: Bitcoin, Ethereum, Litecoin and Bitcoin Cash. The minimum amount of a financial transaction is $1.

PayPal has announced that it has added social payment service Venmo as an alternative payment method linked to a credit card.