Venmo credit cardholders will now be able to purchase crypto with cash back earned from card purchases.
The Paypal-owned mobile payment service announced yesterday that customers will now be able to enjoy a new feature called Cash Back to Crypto in the coming weeks. This will enable cardholders to facilitate automatic crypto purchases of Bitcoin, Ether, Bitcoin Cash and Litecoin directly from their Venmo account, without any transaction fees.
Customers will be able to access the feature under the Rewards tab on the Venmo Credit Card home screen. Here, users can opt to have the Crypto’s auto-purchases on or off and select which crypto they’d like to purchase. Once purchased, users can choose to hold or sell the cryptocurrency within the Venmo app at any time.
Speaking about the new feature SVP and GM of Venmo, Darrell Esch said,
The introduction of the Cash Back to Crypto feature for the Venmo Credit Card offers customers a new way to start exploring the world of crypto, using their cash back earned each month to automatically and seamlessly purchase one of four cryptocurrencies on Venmo. We’re excited to bring this new level of feature interconnectivity on the Venmo platform, linking our Venmo Credit Card and crypto experiences to provide another way for our customers to spend and manage their money with Venmo.”
The ability to purchase, hold and sell digital currencies is not new to Venmo, who first introduced this feature back in April of this year as part of PayPal’s larger effort to invest more in crypto. Additionally, Venmo’s more than 76 million users are now able to access cryptocurrency from within the Venmo apps thanks to their partnership with Paxos Trust Company, a regulated provider of cryptocurrency products and services.
The newly added cash-back feature is anticipated to increase sign-ups for the Venmo Credit Card, by incorporating the cryptocurrency functionality.
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