Paypal has launched cryptocurrency transfer services for Venmo users, allowing them to send funds to an existing Paypal account, an external wallet, or a crypto exchange platform. Venmo previously only allowed customers to buy, hold, and sell cryptocurrency but now offers transfers following Paypal's crypto transfer launch last year.

A survey of Venmo customers revealed that many are using the platform to manage their cryptocurrency, with over half of crypto customers using Venmo's services and 74% leaving their investments in their Venmo accounts. Paypal issued guidelines for transferring crypto and emphasized the irreversible nature of transfers.