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Venmo to enable crypto transfers for its customers in May

  • Venmo will roll out a new crypto transfer feature in May, allowing customers to send crypto to other Venmo accounts.
  • Customers will also be able to buy tokens and send them to PayPal, external wallets and exchanges.
  • Users will also be able to use a unique wallet address QR code to receive crypto from other people.

Mobile payments app Venmo has announced that its customers will from May 2023 be able to buy crypto using their account and transfer these to family and friends on Venmo.

Venmo, whose parent company is PayPal, revealed this as it outlined a new feature on Friday.

Making it easy for customers to move crypto

According to a press release Venmo published on 28 April, the new functionality is part of the company’s effort to make it easier for customers to manage and move crypto.

Other than being able to send crypto to other Venmo users, customers will also be able to send cryptocurrencies to PayPal accounts, external wallets and exchanges within the digital asset ecosystem. Any Venmo customer can navigate to the Receive page to access a unique digital asset address QR code. Customers can share this QR code with others when looking to receive funds.

According to details shared in the news release, the crypto transfers feature will be available to Venmo users beginning May 2023.

Venmo introduced crypto purchases for its customers in April 2021, and is a popular mobile app for those looking to buy Bitcoin. The platform added support for crypto price alerts in November 2021, allowing for push notifications for price alerts of Bitcoin, Ethereum, Bitcoin Cash and Litecoin. 

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Crypto price prediction: OMG Network, Serum, Injective Protocol

  • Market intelligence platform Santiment says wide price performance ranges have left crypto assets split between extremely overbought and underbought categories. 
  • The price outlook for OMG Network (OMG), Serum (SRM) and Vidt DAO (VIDT) suggests they are most underbought.
  • Meanwhile, Render (RNDR), Injective Protocol (INJ) and Bella Protocol (BEL) are extremely overbought.

Cryptocurrency prices have been quite volatile in April, with a number of coins seeing massive gains before toppling to pre-rally levels amid extensive selling. But the outlook of some tokens suggests they are trending in extremely overbought territory, while a few remain greatly underbought.

Render (RNDR), Injective Protocol (INJ) and Bella Protocol (BEL) are all heavily overbought. OMG Network (OMG), Serum (SRM) and Vidt DAO (VIDT) fall in the latter category.

Crypto price predictions for OMG, SRM and INJ

While Bitcoin (BTC) price is back above $29,000 on Friday and is trending with positive sentiment as bulls target a good start to the historically slow May, analysts say ending April above the key support of $28,200 is the critical move.

Meanwhile, trading patterns for some altcoins suggest this might be a good buying moment – with market intelligence platform Santiment highlighting OMG, SRM and VIDT  as some of the most underbought tokens.

However, with the global crypto market cap shrinking to $1.25 trillion from recent highs, some altcoins that rallied hard are massively overbought. These tokens, including RNDR, INJ, and BEL could be quite risky, Santiment explained on Friday.

“Prices have been more scattered and non-correlated to one another here in April than in previous months. And our MVRV model confirms average trading returns appear as historically good times to buy for some ($OMG, $SRM, $VIDT), and quite risky for others ($BEL, $INJ, $RNDR).”

The MVRV (market-value-to-realized-value) model gives the ratio of a token’s market capitalization against its realized capitalization.

As a comparison of the two metrics, that is market cap and realized cap, the MVRV ratio is often used to highlight the price of an asset versus its deemed fair value. Being above or below this “fair value” price helps traders assess the potential profitability of the token.

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Bitfarms stock still has another 80% upside from here, analyst says

  • H.C. Wainwright analyst sees upside in Bitfarms to $2.0 a share.
  • He explained his constructive view in a research note on Friday.
  • Bitfarms stock has already nearly tripled since the start of 2023.

Shares of Bitfarms Ltd have already nearly tripled since the start of the year but an H.C. Wainwright analyst is convinced that rally is far from over just yet.

Bitfarms stock could climb to $2.0

On Friday, Kevin Dede reiterated his “buy” rating on the bitcoin miner and said its shares could climb to $2.0 – up another 80% from here.

The bullish call on Bitfarms stock arrives only hours after the company expanded operations in Argentina that increased its fleet hash to 5 EH/s.

Estimates Dede has for 2023 are based on a hash rate of about 5.7 EH/s – a level he’s confident the miner will hit in its September quarter.

This fleet expansion also came without further shareholder dilution – an added prize not universally shared across the spectrum of publicly traded bitcoin miners.

Bitfarms Ltd is generating cash

The H.C. Wainwright analyst remains constructive on Bitfarms Ltd also because it did not slip into negative EBITDA even in the fourth quarter when thing went haywire for the crypto space at large.

Other reasons cited for the constructive view on Bitfarms stock include its gross mining margin that declined sharply (year-over-year) in 2022 but still stood at a healthy 33% nonetheless. Dede said in his research note:

We understand potential upside in Argentina. With greater financial flexibility via stronger balance sheet, Bitfarms has options to consider additional business development opportunities.

Expansion in Quebec, Paraguay, and Washington State will help the share price as well, he concluded.

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Mastercard partners Solana and Polygon on new crypto standards system

  • Mastercard is looking to help bring defined standards to the blockchain and Web3 ecosystems.
  • The company is partnering blockchain platforms Polygon, Solana, Aptos Labs, and Ava Labs, on the common standards program it calls Mastercard Crypto Credential.
  • Mastercard will also work with wallet providers Uphold, Bit2Me, Lirium, and Mercado Bitcoin on the program.

Mastercard is partnering with several blockchain platforms in a bid to develop a new set of crypto standards aimed to boost the industry’s overall trust score.

In an announcement at Consensus 2023 on Friday, the payments firms said it was teaming up with Polygon, Aptos Labs, Solana Foundation and Ava Labs, to develop the Crypto Credential.

According to the company, the Mastercard Crypto Credential is an effort targeted at incorporating the best of common standards into the crypto infrastructure and broader space providers to help instill trust in crypto from consumers, businesses and governments.

Raj Dhamodharan, the head of crypto at Mastercard noted in a statement that building trust is a crucial step for the blockchain ecosystem as it looks towards mainstream adoption. Crypto Credential, he noted, is one way of pushing for “trusted, compliant, and verifiable” blockchain interactions.

“With Mastercard Crypto Credential, we can help ensure that those interested in interacting across Web3 environments are meeting defined standards for the types of activities they’d like to pursue. Mastercard Crypto Credential will not only define verification standards and levels, but also provide necessary enabling technology to help bring more use cases to life” he added.

Standards for verification in NFTs

The common standards being advocated for will also help with instilling trust in NFTs, with the partners collaborating towards enhancing verification in NFTs. Mastercard will also work with blockchain firms around verification in ticketing and other payments solutions.

Solana, Polygon, Aptos Labs and Ava Labs are set to aid in having the new crypto standards available to and applied by developers within their ecosystems.

Other than that, crypto wallet providers Lirium, Uphold, Mercado Bitcoin and Bit2Me will look to tap into the standards for their cross border transfers. The platforms will initially focus on crypto payments and remittances within the United States, Latin America and the Caribbean corridors.

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