PayPal’s Venmo Launches A New Cryptocurrency Cash Back Feature

PayPal’s Venmo has brought an upgrade for its VISA credit card possessing users that helps them to purchase more crypto assets from their cashback rewards earned from using the services provided by the platform.

In regards to a tweet posted on the official Venmo account on Twitter, the new service provided by Venmo will be spreading throughout the network of users as time passes by, helping many VISA credit cardholders to utilize their earned cashback in a much more profitable and useful manner. Venmo has already been incentivizing its users by rewarding them with 1 to 3 percent cash back on performing specific transactions while also enabling no transaction fee on the purchase of crypto because the conversion fee that comes from asset switching is adjusted in the monthly transaction statements.

Automatic Purchases

Venmo currently supports all of the top cryptocurrencies that include Bitcoin, Ethereum, Litecoin, and Bitcoin Cash. Users will be able to utilize this new functionally simply by going to the rewards tab of the credit card management section. Crypto purchasing can be done as the user desires. Users can purchase selected cryptos by themselves or can also enable automatic crypto purchasing features from the options available.

New Directions

Senior Vice President of Venmo stated that this new feature of cashback rewards being utilized to buy crypto gives users a new, totally new path of operating in the crypto space and that the company has managed to provide users with an extremely flexible choice on their platform. As of now, Venmo is dealing with almost 70 Million users in the USA alone, as crypto trading had been enabled back in April of this year.

PayPal’s Vital Support

In accordance with earning’s call event from PayPal, Venmo has managed to swell at an impressive 183% on a yearly basis, as a massive amount of crypto trading events happen every single day on the platform. PayPal has been actively participating in the expansion of cryptocurrency-based services, back when it launched crypto support in November of last year. Reports in July mentioned that the company had also increased its transaction limits of crypto to a hundred grand a week. Additionally, the company also seeks to expand crypto services into the United Kingdom, bringing in a massive number of new users interested in the world of cryptocurrencies.

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