PayPal’s Crypto Push: Over 60 Million Venmo Users Can Now Transfer Crypto

Pratik Bhuyan
April 28, 2023 Updated September 4, 2025
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What comes as a sigh of relief for many customers using crypto assets in the United States, PayPal is set to roll out a key new feature for its 60 million Venmo customers that will allow users to transfer cryptocurrencies between its platform and other crypto wallets. This comes after PayPal introduced a similar feature for its customers back in 2022.

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PayPal Enables Crypto Transfer For Venmo

According to PayPal’s most recent earnings statement, Venmo — which PayPal acquired in 2013 — completed a total of $245.3 billion in transactions involving fiat currency in 2022 alone. In order to launch the new transfer mechanism, PayPal has formed a strategic partnership with Paxos, a cryptocurrency company that specializes in stablecoins.

Read More: Can Terra’s New USTC Repeg Proposal Bring LUNC Price Back To $1?

While speaking about the new development, the firm was quoted as saying:

We’re excited to connect Venmo’s customers to the community, other wallets and exchanges, and we intend to continue to roll out additional crypto products and services in the year ahead.

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Paypal’s Push For Crypto Adoption

The announcement from PayPal is one of the company’s first crypto-related updates since February, when the firm reportedly halted its stablecoin project following alarming reports that Paxos — its partner in the stablecoin offering — was under investigation by the New York Department of Financial Services (NYDFS).

At a time when the cryptocurrency market as a whole is being challenged with increased scrutiny by U.S. regulators, the decision to extend the crypto service to millions of Venmo consumers starting next month comes at an interesting juncture. PayPal users were given permission to send supported tokens such as Bitcoin, ether, Bitcoin Cash, and Litecoin to external wallets beginning in June of the previous calendar year.

Also Read: Coinbase CEO Hits Back At U.S. SEC, Says “Coinbase Does Not List Securities”

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Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.

Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.

About Author
About Author
Pratik has been a crypto evangelist since 2016 & been through almost all that crypto has to offer. Be it the ICO boom, bear markets of 2018, Bitcoin halving to till now - he has seen it all.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.