Simple, easy to navigate and intuitive, crypto on Venmo also enables Venmo customers to share their crypto experience with their friends if they choose to publish on the Venmo feed.Ĭrypto on Venmo is enabled through PayPal's partnership with Paxos Trust Company, a regulated provider of cryptocurrency products and services. All transactions are managed directly in the Venmo app. Customers will have the ability to buy and sell cryptocurrency using funds from their balance with Venmo, or a linked bank account or debit card. In April 2021, Venmo, which is owned by PayPal, also added a feature to buy and sell crypto. Venmo customers can start their crypto journey with as little as $1 by clicking on 'Crypto' in the Venmo menu at the top right in the app. 'No matter where you are in your cryptocurrency journey, crypto on Venmo will help our community to learn and explore cryptocurrencies on a trusted platform and directly in the app they know and love. Our goal is to provide our customers with an easy-to-use platform that simplifies the process of buying and selling cryptocurrencies and demystifies some of the common questions and misconceptions that consumers may have.'Īccording to the 2020 Venmo Customer Behavior Study 1, more than 30% of Venmo customers have already started purchasing crypto or equities, 20% of which started during the pandemic. With the introduction of crypto on Venmo, the broader Venmo community will now have access to an easy-to-use and intuitive crypto platform to help them take part in the cryptocurrency market. The launch of the feature furthers PayPal's commitment to educating its customers on the potential of digital currencies as they continue to grow and drives understanding and utility of cryptocurrencies on a mass scale. 'Crypto on Venmo is a new way for the Venmo community to start exploring the world of crypto, within the Venmo environment they trust and rely on as a key component of their everyday financial lives,' said Darrell Esch, SVP and GM, Venmo. Some of these changes can be seen, and the company has further stated its intention to continue rolling out more crypto services and products in the coming year.With crypto on Venmo, customers can view cryptocurrency trends, buy or sell crypto, and access in-app guides and videos to help answer commonly asked questions and learn more about the world of crypto. Customers using crypto on Venmo can choose from four types of cryptocurrency: Bitcoin, Ethereum, Litecoin and Bitcoin Cash. When they make transactions, customers can also choose to share their crypto journey with their friends through the Venmo feed.

Paypal CEO Dan Schulman stated in 2022 that people would “start seeing some significant changes over the next five years” in the crypto community, noting that the company was playing a long game in its relationship with cryptocurrencies.

You can choose a major exchange with an inbuilt P2P platform, such as Binance or KuCoin, if you want access to regular exchange features and other services after making your purchase. You might also like: The simple guide to buying bitcoin with PayPal in 2023 The future of crypto in Paypal What Crypto Platforms Accept Venmo Only peer-to-peer (P2P) platforms accept Venmo at the moment. Paypal, which acquired Venmo in 2013, incorporated crypto into its platform about six months prior in October 2020. It allowed credit card customers to use cash back earned on their card purchases to purchase crypto from their accounts automatically. After this came cash back to crypto, a feature introduced in August 2021. This allowed customers to buy, hold and sell cryptocurrency directly in the Venmo app. Venmo introduced crypto on its platform about two years ago, in April 2021. The expansion of crypto transfers to Venmo comes almost a year after Paypal enabled crypto transfers to external wallets and exchanges on its own platform back in June 2022. Venmo ApPaypal supports crypto with new features In a press release on April 28, Paypal said that the feature will be available to Venmo customers over the coming weeks beginning in May 2023.Ĭryptocurrencies currently accepted on Venmo are bitcoin, ethereum, litecoin, and bitcoin cash.Ĭustomers were urged to exercise utmost caution with the feature as the crypto transfers are irreversible and cannot be canceled.ĭropping in to announce a new feature of ours: crypto transfers⚡Get started now. Users will also be able to transfer to external wallets and crypto exchanges. Paypal announced plans to roll out a feature that allows over 70 million Venmo users to transfer cryptocurrencies to each other natively on the Venmo app.

Buying crypto on venmo