On April 28, Venmo, a popular mobile payment platform owned by PayPal, announced that it will enable a new feature in the coming weeks that will allow users to transfer cryptocurrency on and off the platform. This move is seen as part of Venmo's ongoing efforts to meet the growing demand for crypto-based services among its user base.
according to a Press release, the new feature will offer more options and flexibility for moving and managing cryptocurrency. It is expected to be live from May 2023, giving users an added layer of convenience when managing their digital assets.
Entering to announce a new feature of ours: Crypto transfersโกGet started now. https://t.co/R9QtUENfae pic.twitter.com/UoeEAWVhlz
โVenmo (@Venmo) April 28, 2023
Significant growth in cryptocurrency users on Venmo
Venmo reported that since the beginning of 2023, almost 50% of its customers with cryptocurrency balances increased their reservation due to its security and ease of use. This impressive growth highlights the growing interest in cryptocurrencies and the need for more accessible tools and platforms to manage them.
Additionally, more than 74% of customers who store cryptocurrency in their Venmo wallets have held it on the platform for the past 12 months; The company sees this as evidence of the wide acceptance within the crypto community and the confidence users have in Venmo's ability to securely store and manage their digital assets.
The company stated that the transfer process would be simple and easy to use. Users can simply go to the cryptocurrency tab in the app, view their coins, and select โSend Cryptoโ to transfer into or out of the wallet. This streamlined process is designed to encourage even novice users to explore and participate in the world of cryptocurrency.
Likewise, users will be able to receive cryptocurrencies through QR codes provided by Venmo. It is important to note that, like any other cryptographic transaction, transfers cannot be reversed or canceled once sent, so caution is advised when entering the recipient's address. Venmo is likely to include additional security measures and notices to ensure that users verify their transaction details before confirming.
Venmo leverages cryptocurrency services to attract more users
As reported by crypto potato, Venmo entered the cryptocurrency industry in April 2021 when it announced that it would allow purchases of Bitcoin and other cryptocurrencies for its more than 70 million users. This move positioned Venmo as a key player in the rapidly growing cryptocurrency market.
According to its website, the platform currently supports the buying and selling of Bitcoin, Ethereum, Litecoin, and Bitcoin Cash. Users could not use cryptocurrency as digital cash; instead, the initial Venmo service treated cryptocurrency more like an asset that users could buy and hold. However, the new transfer feature may lead Venmo to expand the cryptocurrencies accepted on the platform, further broadening its appeal to a broader range of cryptocurrency enthusiasts.
Regarding the limit, it is essential to note that, unlike a cryptocurrency exchange, Venmo limits coin purchases to $20,000 per week and $50,000 per year. These limits ensure a responsible level of trading and risk management for users.
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