Gemini is currently one of the top cryptocurrency platforms available. Though launched in just 2014, the platform already conducts roughly $30 billion in transactions annually.
The platform is popular due to its simple interface that caters well to beginners and its impressive suite of features that lends well experienced traders also.
Transferring crypto into the app is really simple with cryptocurrency wallets. However, if you want to transfer in fiat currency, you can do so with an ACH transfer.
What about if you want to use Venmo to fund your crypto purchases? In this article, we highlight the process to transfer from Venmo to Gemini, step by step. Let's jump on in!
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Currently, there is not a way to transfer your Venmo cash balance to Gemini directly. Instead, you will need to transfer first to your bank and then to Gemini.
The steps to complete this transfer are as follows:
Each of these steps have a few steps of their own! Let's take a look in more detail.
One of the reasons Gemini is so popular is due to its highly secure platform with a number of security features. Because cryptocurrency is not regulated the same way stocks are, investors appreciate an added layer of security.
With over 50 cryptos supported, Gemini provides a great starting point for investors looking to get into crypto.
Already signed up with Gemini? Skip down to start step 2!
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The process to open a new Gemini account is straightforward and can be completed by following the below steps:
After completing the above steps and uploading the required documentation, you will then submit your verification information for review.
According to the Gemini website, verification typically takes 2-3 business days to complete. If the process is taking any longer you can contact customer support for help.
Executing a transfer from Venmo to your bank is a simple process. Follow the steps below:
If you need to link a bank account to Venmo, you can do so by clicking on the "Add a bank" selection after tapping on the bank in the "Transfer to" space.
If you already have a linked bank account with Gemini, you can skip this step! If not, here's how to link your bank account:
Once you have successfully linked your bank account, follow the below steps to deposit funds into Gemini.
How To Deposit Funds (Gemini):
Now that you have a new Gemini account with a linked bank account, and you have transferred your Venmo funds, you are ready to purchase crypto. Buying crypto on Gemini is a simple process:
And that's it!
While this process is a bit nuanced as you have to first transfer to your bank, it really is not too difficult. Perhaps in the future Gemini will allow for direct transfers from Venmo or PayPal.
In the meantime, transferring from Venmo to Gemini requires a transfer to your bank and then to Gemini.
If you want to get started with Gemini, be sure to check out their site to learn more!