Transfer Crypto From Venmo To Coinbase
The growing trend of digital assets in the financial world has made everyone eager to own cryptocurrency with the ever growing digital platforms. Coinbase and Venmo are 2 different platforms used for cryptocurrency transactions. Both of them are used differently. Coinbase is an exchange platform for cryptocurrency whereas Venmo is used for payment in a peer-to-peer manner. You can actually Transfer the Crypto from Venmo to Coinbase and in this blog you will get to discover more details about the same.
A Detailed Guide Transfer Crypto From Venmo To Coinbase
A detailed insight about how you can transfer crypto from Venmo to Coinbase is given below, each step is explained in detail for a better understanding.
Step 1: Creation of Account
if you don’t have one already. For this you can visit the official website or download the mobile version. You need the email address for signing up and then follow the instructions of creating a strong password. For adding another layer of security, turn on the two FA factor i.e. two-factor authentication.
Step 2: Verification of Identity
You need to complete the process of identity verification with the help of some documents. Enter the details of any ID proof that can be passport, licence or any other government ID.
Step 3: Funding Coinbase account
Before transferring the Crypto from Venmo to coin base, the Coinbase account needs to be funded. You can either use a Credit or debit card in order to purchase the currency or even Link your bank account for the purchase. After the crypto has been purchased, you can move on to the next step.
Step 4: Locating the Wallet Address
On the Coinbase platform, every wallet holds a unique wallet address for every Coinbase currency. If you are searching for the wallet address of Crypto you wish to transfer, click on ‘Wallet’ and choose the crypto. Select ‘Receive’/ ‘Deposit’ for viewing the address of the wallet.
Step 5: Opening the App
Open the Venmo app for logging in to the account. Confirm if there is enough crypto present in the account for transfer.
Step 6: Initiating Transfer
Well, initiating the transfer requires some additional steps as direct crypto withdrawals are not supported on Venmo. Send the crypto to the Venmo account of another person who can then send it to your wallet on Coinbase. Go to ‘Pay/Request’ present at bottom corner. After this, you can select the person you need to send the crypto to. Mention the reason as a crypto transfer column and write the type of crypto you are transferring. After entering the payment, transfer it.
Step 7: Requesting Wallet Transfer
As soon as the payment reaches the account of the person you had sent it to, ask them to transfer it to your wallet on Coinbase. For that, you can give them the address of your wallet.
Step 8: Confirming the transfer
Check the amount on your account after the person has transferred you and do not panic in case it takes some time to reflect on your side.
Step 9: Securing Cryptocurrency
As soon as you receive the payment, you can enable the authentication factor on your account.
Though the process is quite easy, an added step can seem a bit tedious as Venmo has some inbuilt restrictions. The above listed procedure is a 100% safe procedure and can be used for transferring the payment from Venmo to Coinbase.