Venmo Announces Crypto Withdrawals

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  • Venmo’s crypto users will be able to withdraw their crypto from May
  • The platform started offering crypto in April 2021 but did not allow withdrawals
  • Venmo follows parent company Paypal in allowing crypto withdrawals

Venmo customers will have the opportunity to transfer cryptocurrency to external wallets and exchanges and PayPal accounts from May. The Paypal-owned company reported in a blog post announcing the feature that the strength of its cryptocurrency platform has led it to explore more accessible tools and platforms to manage its offering. Paypal first started offering crypto support in late 2020 and added crypto withdrawals in May of the following year.

Most Venmo Buyers are Hodlers

Venmo observed that over 74% of its customers who hold cryptocurrency have kept their digital assets on the platform for the past year, which the company sees as a testament to the high level of trust that users have in Venmo’s ability to store and manage their digital assets securely. This, they add, underscores the growing acceptance of cryptocurrencies among users and within the broader crypto community.

The company stated that the process for transferring cryptocurrency will be user-friendly and straightforward, in line with its plans to keep things uncomplicated for less crypto-educated users, with QR codes also adopted for ease of use.

Venmo followed Paypal into the crypto game in April 2021, offering Bitcoin, Ethereum, Litecoin, and Bitcoin Cash. Like Paypal, Venmo users could initially not do anything except hold their assets on the platform but the addition of withdrawals will allow this. Venmo limits coin purchases to $20,000 per week and $50,000 annually, and there is no suggestion that the limits will be raised with the new withdrawal feature.