PayPal is set to make on-chain transfers from Venmo accounts possible, including to on-chain wallets, starting in May.
The announcement was made by Jose Fernandez da Ponte, Senior Vice President and General Manager of Blockchain, Crypto and Digital Currencies, during a panel at Consensus 2023. Venmo users will be able to send payments to third-party wallets and hardware wallets, something that consumers have been requesting.
This development comes after PayPal’s announcement last year that third-party wallet transfers would be available on both PayPal and Venmo platforms. PayPal has already made this feature available on its platform. In addition, da Ponte mentioned that PayPal is keen to venture into payments for Web3, including gaming and media loyalty, and offering micropayments and streaming payments. Furthermore, the company is “comfortable in the ethereum universe” and plans to support other protocols in the future.
The move to enable on-chain transfers from Venmo accounts and to on-chain wallets is likely to appeal to those seeking a more convenient and hassle-free payment experience. PayPal’s expansion of its crypto and digital currency offerings is in line with the industry’s trend towards increased adoption of cryptocurrency and blockchain technology.
