Martin Cole
Key Takeaways:
– Venmo now allows users to send and receive cryptocurrency such as Bitcoin, Ethereum, Litecoin, and Bitcoin Cash.
– Users can transfer crypto to their contacts within the app or to external recipients by entering their wallet address.
– Venmo users can also receive cryptocurrency by sharing their unique crypto address QR code.
– Despite recent market volatility, Venmo’s crypto customers have shown resilience and have continued to hold and even add to their crypto holdings.
How to Send Crypto on Venmo
Sending cryptocurrency on Venmo is a simple process that can be done within the app. Here’s a step-by-step guide on how to send crypto on Venmo:
1. Open the Venmo app on your mobile device and log in to your account.
2. Tap on the “☰” icon located at the top left corner of the screen to open the menu.
3. Scroll down and select the “Crypto” option.
4. If you haven’t already, you’ll need to set up your Venmo Crypto account. Follow the prompts to complete the setup process.
5. Once your Venmo Crypto account is set up, you can start sending cryptocurrency. Tap on the “Send” button.
6. Choose the cryptocurrency you want to send from the available options (Bitcoin, Ethereum, Litecoin, or Bitcoin Cash).
7. Enter the amount of cryptocurrency you wish to send.
8. Next, you’ll need to select the recipient. You can choose a contact from your Venmo contacts list or enter the wallet address of an external recipient.
9. Review the details of your transaction and confirm the send.
Receiving Crypto on Venmo
In addition to sending cryptocurrency, Venmo users can also receive crypto from others. Here’s how to receive crypto on Venmo:
1. Open the Venmo app on your mobile device and log in to your account.
2. Tap on the “☰” icon located at the top left corner of the screen to open the menu.
3. Scroll down and select the “Crypto” option.
4. If you haven’t already, you’ll need to set up your Venmo Crypto account. Follow the prompts to complete the setup process.
5. Once your Venmo Crypto account is set up, you can start receiving cryptocurrency. Tap on the “Receive” button.
6. You’ll be presented with your unique crypto address QR code. You can share this QR code with others to receive crypto.
7. Alternatively, you can also share your wallet address with others for them to send crypto to you.
Benefits of Sending Crypto on Venmo
Sending cryptocurrency on Venmo offers several benefits for users. Here are some of the advantages:
1. Convenience: Venmo is a widely used payment app, and now users can send and receive cryptocurrency within the same platform they use for other transactions.
2. Ease of Use: Venmo’s user-friendly interface makes it easy for both beginners and experienced crypto users to send and receive cryptocurrency.
3. Expanded Use Cases: By allowing crypto transactions, Venmo opens up new possibilities for using cryptocurrency in everyday transactions, such as splitting bills, paying for goods and services, and sending money to friends and family.
4. Integration with PayPal: As Venmo is owned by PayPal, users can seamlessly transfer crypto between their Venmo and PayPal accounts, providing added flexibility and convenience.
Conclusion
Venmo’s decision to allow users to send and receive cryptocurrency is a significant development in the world of digital payments. With this new feature, Venmo users can now easily participate in the crypto market and leverage the benefits of blockchain technology. Whether it’s sending Bitcoin to a friend or receiving Ethereum from a client, Venmo’s integration of cryptocurrency opens up new possibilities for users and further blurs the line between traditional and digital currencies. As the crypto market continues to evolve, it will be interesting to see how Venmo’s users embrace this new feature and the impact it has on the broader adoption of cryptocurrency.
