Mobile payments giant Venmo has just announced plans to roll out a new feature that will enable the over 70 million users of the platform to transfer crypto assets.
According to a new press release, the feature will allow customers to transfer crypto to other Venmo users as well as relocate digital assets to external wallets and exchanges.
Venmo customers will also be able to move their crypto to any account on PayPal, the firm’s parent company.
The transfers are slated to launch in May.
Venmo first enabled crypto purchases in April 2021, and currently supports the buying and selling of four crypto assets: Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), and Bitcoin Cash (BCH).
The payments giant also rolled out crypto cash-back rewards for its credit card users in August 2021.
PayPal says the new crypto transfers will be simple for customers.
“Venmo customers can navigate to the Crypto tab in the Venmo app, view their coins, then tap the Transfer arrows and choose to Send crypto – either to a Venmo account, or by entering in a recipient’s wallet address to send to PayPal or another external wallet. Any customer can also tap Receive to display their unique crypto address QR code, which can be shared with other people.”
PayPal also says it intends to “continue to roll out additional crypto products and services in the year ahead.”