Venmo, a payment application owned by PayPal operating in the United States, will allow its users to transfer their cryptocurrencies to external wallets. Thus, PayPal continues its cautious opening to cryptocurrencies.
PayPal: cryptocurrency transfers open on Venmo
On Friday, PayPal announced that users of its Venmo payments app will soon be able to transfer the cryptocurrencies present in their accounts. This includes transactions to and from PayPal, Venmo and any other external address or exchange.
These features are to be rolled out in May, while American PayPal users have already been able to transfer their cryptocurrencies since June 2022. Again, this announcement applies only to the United Statesgiven that Venmo is currently only available there.
👉 To go further — How to buy cryptocurrencies with PayPal?
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A careful opening
Venmo opened up to cryptocurrency in April 2021, before launching a cashback program the following August. The application therefore follows the path of its parent company, which is increasingly open to the ecosystem. The beginnings are timid, however, especially in Europe, although PayPal expanded to Luxembourg last December.
For the moment, the company’s cryptocurrency services are not available in France. Nevertheless, it is possible to circumvent this in a certain way, considering the fact that several platforms offering crypto services accept payments via PayPal.
Thus, the company advances step by step, and one can understand this caution before diving completely, given the regulatory uncertainty in the United States. The company suspended its stablecoin project recently because of this reason.
👉 Also in the news — FDIC: ‘Root cause of Signature Bank’s failure was mismanagement’
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I timidly discovered the world of blockchain at the end of 2018 during my quest for financial freedom. Initially invested moderately, it was only two years later that I took the gamble of betting everything on the movement that was taking shape then. I then dedicate 2021 to training myself better to acquire more knowledge and seriousness. As I often like to say: I still have a billion things to learn. And what I do know, I want to share with you.
Vincent Mayor
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