PayPal’s Venmo Rolls Out New Crypto Transfer Service

PayPal’s Venmo is bringing excitement into the crypto space. Check out what the firm is doing together with its parent company.

Mobile payments giant Venmo revealed plans to roll out a new feature. This will reportedly enable the over 70 million users of the platform to transfer crypto assets.

A new press release has just revealed the fact that the feature will allow customers to transfer crypto to other Venmo users as well as relocate digital assets to external wallets and exchanges.

Venmo customers will also be able to move their crypto to any account on PayPal, the firm’s parent company.

The transfers are slated to launch in May.

PayPal made sure to state the fact that the new crypto transfers will be simple for customers.

“Venmo customers can navigate to the Crypto tab in the Venmo app, view their coins, then tap the Transfer arrows and choose to Send crypto – either to a Venmo account, or by entering in a recipient’s wallet address to send to PayPal or another external wallet. Any customer can also tap Receive to display their unique crypto address QR code, which can be shared with other people.”

PayPal also says it intends to “continue to roll out additional crypto products and services in the year ahead.”

Back in February, we revealed the fact that Chaos Labs, a risk management platform for DeFi protocols, was able to raise $20 million in seed funding from industry heavyweights.

The round was led by Galaxy and PayPal Ventures. It’s worth noting the fact that these included participation from Coinbase, Uniswap, Lightspeed, Bessemer, and angel investors Balaji Srinivasan and Naval Ravikant.

Another issue that is important to mention is the fact that Chaos’ fundraising comes after a record year of crypto-related hacks, including the Ronin Bridge attack and the Mango Markets exploit.