Crypto Payments

Venmo Will Introduce Fiat-to-Crypto Payments Platform in May

  • In May, Venmo from PayPal will support cryptocurrency transfers.
  • Range of Cryptocurrency Options on Venmo’s Mobile App Version and Collaboration with MetaMask to Expand Cryptocurrency Services.

Users of MetaMask may now buy cryptocurrencies using PayPal (NASDAQ:PYPL).In May, the American digital payment platform Venmo introduced the ability to send. And receive Crypto Payments and transfers even from fiat currencies. Venmo’s announcement was made in a press release on April 28 by PayPal’s parent company’s Jose Fernandez da Ponte. 

Early in May 2023, Venmo will integrate Crypto Payments

Venmo also wants to make cryptocurrency transactions simpler for its users. It started Bitcoin purchases earlier in 2021. Support for price alert alerts for well-known currencies like Bitcoin, Ethereum, and others was added later. Several features of Venmo, such as the “crypto address QR code”. That makes it easier to receive cryptocurrencies from different addresses, are described in the most recent press release. 

Additionally, the PayPal executive noted that since cryptos are used in the country for instant payments, users have options to consider when given a “use case” for digital assets. PayPal collaborated with other cryptocurrency services to expand how it supports Venmo. It made it possible for MetaMask users to transmit cryptocurrency. Straight to their own custodial wallets using PayPal accounts in December. They are now thrilled to enable real-time bitcoin trades and purchases for Venmo customers. 

According to an announcement by PayPal executive Jose Fernandez da Ponte, Venmo users will soon be able to purchase and send cryptocurrencies to other users and external wallets, with the new feature set to launch in May 2023. This new enhancement is anticipated to improve Venmo users’ overall user experience and offer useful use cases for digital assets.

Venmo and PayPal to Enable Fast And Free Near-instant Transfers

A seamless user experience will be provided by the new service. Which will allow quick and cost-free almost instantaneous transfers between Venmo and PayPal accounts. This follows the successful implementation of similar features on PayPal, which indicates an increasing demand for crypto services among users. PayPal has been collaborating with other companies to broaden its range of crypto services, including a partnership with MetaMask that enables users to buy cryptocurrency.

Launched in December 2022, this integration demonstrates both the expanding demand for bitcoin services and PayPal’s dedication to fulfilling its consumers’ changing demands. PayPal has collaborated with several companies to expand its crypto service offerings. Including an integration with MetaMask in December 2022, which enables MetaMask users to purchase crypto through their PayPal accounts and have it sent directly to their self-custodial wallets.

According to an announcement from PayPal executive Jose Fernandez da Ponte on April 28, users of Venmo. The mobile payment service, will soon be able to purchase and send cryptocurrencies to other Venmo users or external wallets starting in May. Venmo users will be able to receive cryptocurrency through a QR code or crypto address. On-chain agreements from the Venmo wallet will be accessible owing to the new functionality, which broadens users’ options.

Venmo currently offers Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), and Bitcoin Cash (BCH) as options for crypto purchases on its mobile app version. With verified users also able to receive crypto from external addresses through a crypto address. PayPal has also partnered with other companies to expand its crypto service offerings. Including an integration with MetaMask in December 2022.



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