The mobile payment service will facilitate the automatic purchase of Bitcoin, Ether, Bitcoin Cash and Litecoin
PayPal-owned mobile payment service Venmo announced yesterday that it is launching a new service for Venmo credit card customers called Cash Back to Crypto. This will allow people to use the cashback received from card purchases to purchase cryptocurrencies – directly from their Venmo account.
The Venmo credit card is a contactless Visa card and can be used at millions of merchants who accept Visa cards worldwide. Customers can automatically earn up to 3% cashback on their spending and use it in Venmo’s dynamic rewards program.
The Cash Back to Crypto feature is available under the Rewards tab on the Venmo credit card home screen. Customers can use the auto-purchase function to automatically purchase a cryptocurrency of their choice with their cashback. There are no transaction fees for these purchases.
SVP and GM of Venmo, Darrell Esch, said: “The introduction of the Cash Back to Crypto feature for the Venmo credit card gives customers a new way to explore the world of cryptocurrency by using their monthly cashback to automatically and seamlessly purchase one of four cryptocurrencies from Venmo. We are excited to bring this new level of interconnectivity of features to the Venmo platform, combining our Venmo credit card and crypto experiences to give our customers yet another way to spend and manage their money with Venmo. “
The four cryptocurrencies available on Venmo are Bitcoin, Ether, Bitcoin Cash and Litecoin. Venmo started offering crypto services back in April when it allowed users to invest in the aforementioned coins for just $ 1.
Venmo’s parent company PayPal also appears open to crypto after acquiring digital asset security technology provider Curv earlier this year and enabling crypto spending.
In addition to purchasing cryptocurrencies, Venmo customers can already access crypto market data and educational resources. The introduction of the new Cash Back to Crypto function started yesterday and will be made available to all eligible Venmo credit card holders in the coming weeks.