Venmo a pay-pal owned payment firm has now introduced a new crypto ‘cash back’ attribute which has zero transactions on crypto purchases. Based on an announcement made on August. 10, Venmo’s new ‘cash back to crypto’ feature went live yesterday it lets credit card customers to spend their cashback rewards on digital assets held on the platform.
Venmo provides its credit cardholders between 1% and 3% cash back on purchases of their choice and this latest feature also has a free transaction on any crypto purchases. Even as the conversion fees for inter-changing between assets are built into each monthly transaction statement. The payments firm at the present supports Bitcoin, Ethereum, Litecoin and Bitcoin Cash and customers can enable the new feature by choosing the rewards tab of the credit home screen. Purchases can be done physically or can be set up automatically.
The senior vice president of Venmo and General manager Darrell Esch thinks, “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.” Based on some reports Venmo at the present has around 70 million users in the U.S and the platform has launched crypto trading in late April this year. Paypal’s second-quarter earning’s call on July 28, Venmo’s revenues have developed by 183% every year and this led to the taking over of crypto trading on the platform.
Paypal has been working non-stop to widen its crypto services ever since it activated crypto purchases back in November 2020. By July 15 the firm pushed the purchasing limits of crypto to $100,000 per week. Afterwards, during the Q2 conference the company declared plans to offer crypto trading to U.K customers while hinting interest to enter DeFi.