What is Cryptocurrency?
Cryptocurrency is a digital or virtual currency that is created by Cryptography. It is not physical and not issued by a central authority. It utilizes a decentralized network and works through a distributed ledger technology, known as a Blockchain.
What cryptocurrencies does Venmo support?
Customers in the US can buy, sell, transfer, and hold several different cryptocurrencies on Venmo:
- Bitcoin
- Ethereum
- Litecoin
- Bitcoin Cash
- Solana
- Chainlink
Venmo also offers PayPal’s stablecoin, PayPal USD (PYUSD).
Pass-through FDIC insurance also does not apply to funds held in a Venmo Business Account, to cryptocurrencies, or to any funds held in non-USD currencies. Cryptocurrencies are not held in FDIC-insured bank deposits and may lose value.
Who can buy, sell, and hold cryptocurrencies?
In order to buy, sell, and hold cryptocurrency on your personal Venmo profile, you need to verify your identity with Venmo, including providing an SSN or ITIN. Learn more about verifying your identity with Venmo.
Cryptocurrency transactions are only available for personal Venmo profiles. They aren’t available on business profiles or charity profiles.
Are there fees for cryptocurrency on Venmo?
You will incur a fee when you buy or sell most cryptocurrencies on Venmo. The fee will vary based on the purchase or sale amount. Venmo displays that amount when you are making a transaction.
You can learn more about how these fees are calculated in Venmo’s Cryptocurrency Terms and Conditions.
If you use a linked bank account or debit card for a Venmo transaction, your bank may charge its own fees, like overdraft fees or insufficient fund fees. Venmo is not responsible for fees charged by your bank.
You can transfer crypto to other Venmo and PayPal accounts without fees. There are network fees for sending it outside of the Venmo and PayPal network.
There are no fees to buy or sell PYUSD on Venmo.
I made a crypto transaction in error - can I cancel or reverse it?
There is not a way for you to cancel or reverse a crypto transaction.
What are the limits?
You are limited to $20,000 in cryptocurrency purchases per week. There is also a limit of $50,000 in cryptocurrency purchases in a 12-month period. You are also limited to $25,000 per week in crypto transfers.
Why was my crypto transaction declined?
Crypto purchases on Venmo can be declined for several reasons:
- You are limited to $20,000 in crypto purchases per calendar week
- There is a limit of $50,000 in crypto purchases in a 12-month period
- Your payment method could cause a decline, like if your debit card has a limit or insufficient balance
- Your purchase can be declined by Venmo’s system if it raises a security flag. If this happens, the best thing to do is to try it again later
Crypto sales can be declined for similar reasons.
If you’re selling or transferring crypto that you recently purchased, we may need to wait for the original payment to settle. If this happens, the funds will either be released to your Venmo account in up to seven days, or you will receive a follow-up email from our team.
I want to know more about crypto
Check out the Crypto tab in the Venmo app for more educational material.