Venmo has launched a new feature which enables its credit card users to convert their cash-back to cryptocurrencies.
Venmo is a US-based mobile payment service owned by PayPal.
Users will be able to receive cashback payments in the form of Bitcoin, Ethereum, Litecoin, or Bitcoin Cash.
The crypto purchases will be conducted automatically and have no associated transaction fees.
The news comes after Venmo’s parent company PayPal announced it would enable customers to buy, hold and sell cryptocurrency directly from their PayPal account in November 2020.
Venmo’s 76 million users have been able to buy, hold, and sell cryptocurrency since April of this year.
Many payments providers are offering consumers practical avenues to spend cryptocurrency; Visa customers have spent more than $1 billion on crypto-linked cards in the first half of 2021.
"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," says Darrell Esch, senior vice president and general manager at Venmo.
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