Venmo launches automatic purchase of cryptocurrencies for cashback

August 12, 2021

Venmo launches automatic purchase of cryptocurrencies for cashback

PayPal-owned mobile payment service Venmo has added the ability for customers to automatically convert into cryptocurrencies cashback from credit card purchases.

Say hello to Cash Back to Crypto with the Venmo Credit Card, rolling out to eligible cardholders over the coming weeks.

Users will be able to activate and deactivate Cash Back to Crypto and choose their own cryptocurrency. No transaction fees will be charged for automatic purchases.

"The introduction of Cash Back to Crypto for Venmo Credit Card offers customers a new way to start exploring the world of cryptocurrency by using their monthly cashback to automatically and seamlessly purchase one of the four digital assets on the platform," said Venmo Senior Vice President and CEO Darrell Ash.

The service added the ability to buy and sell cryptocurrencies in April 2021. Bitcoin, Ethereum, Litecoin and Bitcoin Cash are available to users.

To recap, PayPal opened access to these digital assets for US users in November 2020.

In July 2021, the payment company announced the addition of a similar option for UK customers.

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About the author

Hi there, my name is Zalman Weinberg. I'm enthusiast with over 7 years of experience in cryptocurrencies and blockchain. Professional Trader providing Blockchain solutions to Startups and Enterprises. Expert in all cryptocurrency exchange APIs (BitMEX, Bittrex, Binance, Bitfinex, Kraken, Poloniex, Gdax etc.). I have also worked with multiple Forex broker APIs.

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