Venmo today introduced a new feature – “Cash Back to Crypto”. It allows Venmo credit cardholders to “auto-purchase cryptocurrency of choice, with no transaction fees.”
Venmo
Founded by Andrew Kortina and Iqram Magdon-Ismail, Venmo is a mobile payment service owned by PayPal. Venmo allows mobile users in the U.S. to transfer funds to other persons within the country via a mobile phone app.’
Users can open an account via a mobile app or website. Users need to provide basic information and bank account information. To open a Venmo account, one must have a valid email address and an American mobile phone number. The sender can find recipients via phone number, Venmo username, or email address.
What is ‘Cash Back to Crypto’?
The new feature enhances the Venmo Credit Card’s dynamic rewards experience. “It expands choice in how customers can spend their cash back while allowing them to start exploring crypto within Venmo,” states Venmo.
The introduction of this new feature follows the launch of “Crypto on Venmo”. Launched in April, “Crypto on Venmo” allows Venmo’s 70 million customers to trade cryptocurrency directly within the Venmo app.
“Crypto on Venmo” allows access for four major coins: Bitcoin (BTC), Ether (ETH), Litceoin (LTC) and Bitcoin Cash (BCH). Cardholders can now purchase any of these cryptocurrencies using their cash back.
“The introduction of the Cash Back to Crypto feature offers customers a new way to start exploring crypto.”
Venmo SVP and GM, Darrell Esch