Venmo will add the option to withdraw cryptocurrency to third-party wallets

PayPal-owned mobile payment service Venmo has announced the ability to transfer digital assets between users and 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 a PayPal account, external and exchange wallets, getting more choice in managing and moving their cryptocurrency,” the press release says.

The corresponding function is planned to be launched in May 2023.

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PayPal users got this opportunity back in June 2022. Then the company added the option to send Bitcoin, Ethereum, Bitcoin Cash and Litecoin to third-party wallets.

Recall that at the end of 2022, the value of the cryptocurrency purchased by PayPal customers amounted to $604 million. Of these, $291 million came from Bitcoin, $250 million from Ethereum, and the remaining $63 million from Bitcoin Cash and Litecoin.

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