Transfer crypto to friends and family on Venmo
Today, we are taking steps to make the management and movement of cryptocurrencies (crypto) for Venmo customers easy by introducing the ability to transfer crypto to friends and family in the Venmo community. Customers will also be able to transfer to a PayPal account and to external wallets and exchanges, delivering more choice and flexibility in how they move and manage their crypto. Crypto transfers will be rolling out to Venmo customers over the coming weeks starting in May 2023.
Customers continue to turn to Venmo to help manage their crypto. More than 50% of Venmo crypto customers say they chose Venmo specifically for the safety, security and ease of use it offers,1 and over the last 12 months, more than 74% of Venmo crypto customers have continued to hold their crypto in their Venmo account.2 In addition, since the beginning of 2023, nearly 50% of customers with existing crypto balances have added to their crypto holdings on Venmo.3
1PayPal Crypto Study – December 2022/January 2023 – sample size 4300
2Internal PayPal data spanning April 2022 – April 2023
3Internal PayPal Data spanning January 2023 – April 2023
Buying and selling cryptocurrency is subject to a number of risks and may result in significant losses. Please see our disclosure here for more details. Venmo does not make any recommendations regarding buying or selling cryptocurrency. Consider seeking advice from your financial and tax advisor. All custody of and trading in cryptocurrency is performed for Venmo by its licensed service provider, Paxos Trust Company, LLC.
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