Venmo credit card users can now earn rewards in four different crypto assets.
Under a new program that kicked off this week, card users can elect to automatically purchase Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC) and Bitcoin Cash (BCH) from their Venmo accounts using cash back rewards earned from their card purchases.
Automatic purchases will not have any associated transaction fees, according to a press release from PayPal, which owns the mobile payment service company.
Darrell Esch, senior vice president and general manager of Venmo, says the “Cash Back to Crypto” feature offers an easy way for customers to begin exploring the world of crypto.
“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.”
Venmo first rolled out crypto services and trading for BTC, ETH, LTC, and BCH to its 70 million customers in April.
During PayPal’s second-quarter earnings call last month, chief executive Dan Schulman said the company was seeing “strong adoption and trading of crypto on Venmo.”
“Well, we continue to be really pleased with the momentum we’re seeing on crypto… We’re right in the middle of some open banking integration, which will increase the ability to fully integrate into ACH [automated clearing house] and do faster payments. We’re going to launch, hopefully, maybe even next month in the [United Kingdom], open up trading there. We’re working right now on transfers to third-party wallets, and we really want to make sure that we create a very seamless process for taxes and tax reporting.”Check Price Action
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