Venmo Unlocks Crypto Transfers, Takes Big Steps Towards Mainstream Adoption | NFT CULTURE | NFT News | Web3 culture
PayPal’s Venmo app has quietly made a big move in the crypto world. Starting in May 2023, Venmo users will be able to transfer crypto to other Venmo accounts, PayPal accounts, and external wallets, including Ethereum MetaMask wallets. While PayPal and Venmo have allowed users to buy, hold and sell crypto for some time, this is the first time transfers have been available. Previously, crypto was stuck in the PayPal garden, but now it has been unlocked, giving a huge user base access to the larger crypto ecosystem.
To put this into perspective, Venmo had a payment volume of $244 billion and 78 million active users in 2022, with an expected increase to 85 million in 2023. Of these Venmo crypto users, 74% held their crypto through 2022, and 50% were to. to their crypto holdings by 2023. Although the total number of crypto users is unknown, the size of Venmo’s total user base is massive.
This move is a significant step towards onboarding and unlocking crypto functionality. When crypto is locked, it is purely an investment asset. But when it is transferable, it becomes a currency. The real value of crypto is unlocked when it can be used to purchase everyday goods and services. When this happens, holding crypto above the USD will become a much more viable option for most people. Adding the transfer function is a big step towards that future.
Payments to businesses are already a core feature of the Venmo app, meaning businesses can now receive payments via crypto from 78 million users. This is a massive step in bringing crypto to the masses, and it’s clear that PayPal/Venmo’s latest move will help further boost crypto adoption.
Venmo Rise and Embrace with Crypto
PayPal’s Venmo app has quietly made a big move in the crypto world. Starting in May 2023, Venmo users will be able to transfer crypto to other Venmo accounts, PayPal accounts, and external wallets, including Ethereum MetaMask wallets. While PayPal and Venmo have allowed users to buy, hold and sell crypto for some time, this is the first time transfers have been available. Previously, crypto was stuck in the PayPal garden, but now it has been unlocked, giving a huge user base access to the larger crypto ecosystem.
Venmo, founded in 2009, is a peer-to-peer payment app that allows users to send money to each other using their smartphones. The app has grown rapidly in popularity, especially among younger generations, as it has made it easier and more convenient to split bills, pay back friends and make other small transactions. Venmo has also become something of a social media platform, with users often adding comments or emojis to their payment transactions.
In 2020, Venmo added support for buying, holding and selling cryptocurrencies, starting with Bitcoin, Ethereum, Litecoin and Bitcoin Cash. This move followed PayPal’s entry into the crypto market earlier that year. With this latest announcement, Venmo takes another step towards becoming a major player in the crypto world.
This move is a significant step towards onboarding and unlocking crypto functionality. When crypto is locked, it is purely an investment asset. But when it is transferable, it becomes a currency. The real value of crypto is unlocked when it can be used to purchase everyday goods and services. When this happens, holding crypto above the USD will become a much more viable option for most people. Adding the transfer function is a big step towards that future.
Payments to businesses are already a core feature of the Venmo app, meaning businesses can now receive payments via crypto from 78 million users. This is a massive step in bringing crypto to the masses, and it’s clear that PayPal/Venmo’s latest move will help further boost crypto adoption.
