Users who purchase Bitcoin through the app will now be able to self-manage their BTC and send money directly to other Venmo users.
Venmo, a mobile payments platform owned by PayPal, will launch features that allow customers to transfer Bitcoin to other Venmo users, PayPal accounts, and external wallets and exchanges starting in May 2023. The company said the move is in response to increased customer demand. For digital asset management options.according to announcementmore than 50% of customers who use cryptocurrency choose Venmo for its safety, security and ease of use, and more than 74% of customers have kept cryptocurrency in their Venmo account for the past year.
The transfer process is designed to be simple and can be done in just a few steps via the Venmo app.Customers[暗号]Go to tab, view assets,[転送]You can tap the arrow to send bitcoin to your Venmo account, or enter the recipient’s wallet address and choose to send it to PayPal or another external wallet. again,[受け取る]You can also tap to view your own Bitcoin address QR code that you can share with others.
Venmo is quick to point out that cryptocurrency transfers cannot be canceled or reversed. This can be difficult for new Bitcoin users to get used to, but it eliminates chargebacks and other complications presented by Fiat Rail.
“Cryptocurrency transfers will roll out to Venmo customers in the coming weeks from May 2023,” Venmo said in a press release. “We are excited to connect Venmo customers to our community, other wallets and exchanges, and will continue to roll out additional crypto products and services.”
One of the largest mobile financial applications in the US and the first step to Bitcoin for many, this update allows users to self-manage their Bitcoin. This is an essential step in achieving all the properties Bitcoin requires. His Venmo decision to add this feature shows that he understands the growing demand for the ability for users to have full control over their Bitcoin and prevent mishaps involving trusted third parties.