PayPal to Allow On-Chain Transfers from Venmo Accounts

According to Jose Fernandez da Ponte, the Senior Vice President and General Manager of Blockchain, Crypto, and Digital Currencies at PayPal, the payments company plans to enable on-chain transfers from Venmo accounts in May. This announcement was made during a panel at Consensus 2023.

As per da Ponte’s statement, the new feature will enable Venmo users to buy a gift and send it out, invite others to use Venmo, and even send payments to PayPal or external wallets, including hardware wallets. da Ponte believes that fulfilling this consumer demand is a fundamental aspect of providing efficient services to customers.