Venmo launches a crypto credit card feature
PayPal-owned payment company Venmo has announced earlier today that it has launched a cryptocurrency credit card feature. The feature would make it easier for its users to buy cryptocurrencies using fiat currencies.In a press release earlier today, Venmo said the new feature, called Cash Back to Crypto, is a way for its credit card customers to automatically purchase cryptos from their Venmo account using cashback earned from purchases made with their cards. "The new feature, which further enhances the Venmo Credit Card's dynamic rewards experience, expands choice in how customers can spend their cashback while allowing them to start exploring crypto within the Venmo environment they know and love," the company added.
The Cash Back to Crypto feature is available to Venmo users starting today. Venmo pointed out that customers would be able to manage this new feature in real-time and can decide the cryptocurrency they wish to purchase at any time.
Venmo added that "Purchases made from their Venmo account using the auto-purchase feature with Cash Back to Crypto will not have any transaction fee associated with the purchase, with a cryptocurrency conversion spread built into each monthly transaction."
PayPal is expanding its crypto market presence
PayPal has been expanding its presence in the cryptocurrency market in recent months. The online payment giant started allowing its customers to buy and sell cryptocurrencies in November last year, while Venmo also activated the same feature a few months later.PayPal also launched a new service in March that would allow users to instantly pay for goods and services at check-out points using their cryptocurrency balance.
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