PayPal's Venmo allows credit cardholders to buy crypto with cashback

Wednesday 11 August 2021 14:22 CET | News

Paypal-owned payments platform Venmo has rolled out a feature that would allow holders of its credit cards to automatically buy cryptocurrencies with the cashback earned on their purchases.

Cardholders will be able to buy Bitcoin, Ethereum, Litecoin and Bitcoin Cash through the `Cash Back to Crypto` feature and will not be charged fees for the transaction, Venmo said in a statement. The users can at any time hold or sell such assets within the Venmo app and change their choice of cryptocurrency.

The peer-to-peer payment service already allows its more than 70 million users to purchase the four cryptocurrencies through its direct buying option, which was introduced in April 2021 and carries a fee.

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Keywords: PayPal, cryptocurrency, cryptocurrency exchange, product launch
Categories: Blockchain & Cryptocurrencies | Cryptocurrencies
Countries: United States
This article is part of category

Blockchain & Cryptocurrencies

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