Market Analysis Report (01 May 2023)

PayPal is set to allow on-chain transfers from Venmo accounts beginning in May, according to Jose Fernandez da Ponte, the firm’s Senior Vice President and General Manager of Blockchain, Crypto and Digital Currencies.

Da Ponte emphasized the significance of the new feature, stating that users will be able to “buy a gift on Venmo and send it out,” and invite people or send it to other PayPal users, before noting they can “send it to an external wallet” or to a hardware wallet.

He added that consumers have been eagerly anticipating this feature for quite some time. This announcement arrives on the heels of PayPal’s declaration last year that third-party wallet transfers would be introduced to both the PayPal and Venmo platforms. PayPal already offers the feature.

Da Ponte also expressed the company’s interest in participating in payments for Web3, encompassing gaming and media loyalty programs, as well as offering micropayments and streaming payments.

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

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• Source: https://www.cryptocompare.com/email-updates/daily/2023/may/01/