PayPal
Enables On-Chain Transfers from Venmo Accounts to On-Chain Wallets
According to Jose Fernandez da Ponte, PayPal's senior vice president and
general manager of blockchain, crypto, and digital currencies, the payments
company PayPal (PYPL) will enable on-chain transfers from Venmo accounts
starting in May. He made this announcement during a panel at Consensus 2023.
Da Ponte further elaborated that users would be able to purchase a gift on
Venmo and send it to another Venmo user or a PayPal user. They could also send
it to an external wallet or a hardware wallet, which he deemed a fundamentally
significant feature. He also mentioned that consumers have been requesting this
functionality for some time.
PayPal had announced the inclusion of third-party wallet transfers to the
PayPal and Venmo platforms last year. However, PayPal itself is now offering
this feature. Da Ponte stated that the company is interested in Web3 payments,
including gaming and media loyalty, as well as offering micropayments and
streaming payments. He believes that the gaming industry is ripe for the adoption
of cryptocurrencies.
Read full coverage of ☛ Consensus 2023
What
are On-Chain Transfers?
On-chain transfers refer to transactions that take
place on a blockchain network, such as Bitcoin or Ethereum. These transactions
are recorded on a public ledger and verified by network participants, which
makes them secure and transparent. On-chain transfers are the most basic type
of crypto transaction and are typically used to send cryptocurrencies from one wallet
to another.
How
to Enable On-Chain Transfers from Venmo Accounts to On-Chain Wallets
PayPal's latest move to enable on-chain transfers from
Venmo accounts to on-chain wallets is a significant development for the crypto
community. Here's how to enable on-chain transfers from Venmo accounts to
on-chain wallets:
1.
Link your Venmo account to your PayPal
account.
2.
Go to the "Crypto" tab on
the PayPal app.
3.
Select "On-Chain Transfers."
4.
Enter the amount of cryptocurrency
you want to transfer.
5.
Select the wallet you want to
transfer the cryptocurrency to.
6.
Confirm the transaction.
What
does this Mean for the Crypto Community?
PayPal's move to enable on-chain transfers from Venmo
accounts to on-chain wallets is a significant development for the crypto
community. Here are some of the implications:
·
Increased Accessibility: By enabling
on-chain transfers from Venmo accounts, PayPal is making it easier for people
to transact in digital currencies.
·
Lower Transaction Fees: On-chain
transfers typically have lower transaction fees compared to off-chain
transfers. This move could lead to lower fees for users.
·
Improved Security: On-chain transfers
are more secure compared to off-chain transfers since they are recorded on a
public ledger and verified by network participants.
Conclusion
PayPal's latest move to enable on-chain transfers from
Venmo accounts to on-chain wallets is a game-changer for the crypto community.
This development makes it easier for people to transact in digital currencies,
and it could lead to lower transaction fees and improved security. As more
companies adopt blockchain technology, we can expect to see more innovations
that will transform the way we transact in the digital age.
SOURCE
o
PayPal Enables On-Chain Transfers from Venmo Accounts
o
PayPal Cryptocurrency Terms and Conditions
o
Supported Cryptocurrencies by PayPal
o
Holding Cryptocurrencies with PayPal
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