The PayPal-owned mobile payments service Venmo announced the ability to transfer digital assets between users and to withdraw to external wallets.
Dropping in to announce a new feature of ours: crypto transfers⚡Get started now. https://t.co/R9QtUENfae pic.twitter.com/UoeEAWVhlz
— Venmo (@Venmo) April 28, 2023
“Customers will be able to transfer assets, including to their PayPal account, external and exchange wallets, gaining greater flexibility in managing and moving their cryptocurrency,” the press release said.
The feature is slated to launch in May 2023.
PayPal users got this capability as early as June 2022. At that time the company added the option to send Bitcoin, Ethereum, Bitcoin Cash and Litecoin to external wallets.
As a reminder, by the end of 2022 the value of PayPal customers’ cryptocurrency holdings totaled $604 million. Of these, $291 million was Bitcoin, $250 million Ethereum, the remaining $63 million Bitcoin Cash and Litecoin.