PayPal to Enable On-Chain Transfers From Venmo Accounts, Including to On-Chain Wallets

The feature will become available in May, PayPal's Jose Fernandez da Ponte said during a panel at Consensus 2023.

AccessTimeIconApr 28, 2023 at 4:13 p.m. UTC
Updated May 9, 2023 at 4:13 a.m. UTC

AUSTIN, Texas — Payments company PayPal (PYPL) will allow on-chain transfers from Venmo accounts starting in May, Jose Fernandez da Ponte, the company's senior vice president and general manager of blockchain, crypto and digital currencies, said during a panel at Consensus 2023.

"You can buy a gift on Venmo and send it out. You can invite people and send it to another Venmo user, you can send it to a PayPal user. You can send it to an external wallet, you can send it to the hardware wallet, which we think is something fundamentally important," da Ponte said. "Consumers have been asking for that for a while."

The announcement comes a year after the payments company said third-party wallet transfers would be coming to the PayPal and Venmo platforms, with PayPal itself now already offering this feature.

Da Ponte also said that the company is interested in being involved in payments for Web3, including gaming and media loyalty and offering micropayments and streaming payments, for example.

“The gaming industry is one that we think is very ripe for the adoption of cryptocurrencies,” da Ponte said.

PayPal, he added, is “comfortable in the ethereum universe,” and will support other protocols in the future.

Edited by Sheldon Reback.


Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

Helene Braun

Helene is a New York-based news reporter at CoinDesk, currently covering the criminal trial of infamous crypto mogul Sam Bankman-Fried. Helene is a recent graduate of New York University's business and economic reporting program and has appeared on CBS News and Nasdaq TradeTalks. She holds BTC and ETH.

Learn more about Consensus 2024, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to to register and buy your pass now.