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On Tuesday, PayPal announced the introduction of a new feature on its Venmo platform called “Cash Back to Crypto”. With the new addition, Venmo credit card customers can now “use monthly cash back in their Venmo account to auto-purchase cryptocurrency of choice, with no transaction fees.” The announcement reads:
“Starting today, Cash Back to Crypto will be rolling out to Venmo Credit Cardholders, offering more ways to use cash back and expanding on Venmo’s crypto functionality, which launched earlier this year.”
The company further noted that the “Cash Back to Crypto” will become available to all eligible Venmo Credit cardholders in the coming weeks.
Crypto trading launched just a few months back on Venmo, allowing over 70 million at once to buy four cryptocurrencies: Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), and Bitcoin Cash (BCH).
Venmo’s announcement on their “Cash Back to Crypto” feature continued:
“Customers will be able to manage their cash back to crypto auto-purchases in real time and can choose to change their crypto of choice at any time,”
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 has clear ambitions when it comes to their presence in the crypto space. The company is hiring over 100 positions in the field. While Q1 of 2021 was PayPal’s best quarter ever and Q2 figures reflected an increased crypto adoption, the company recently announced that users can soon expect to see greater crypto functionality through the platform thru its new “super app” which will feature high yield savings, early access to direct deposit funds, messaging capability, “additional crypto capabilities,” and more.
PayPal Chief Executive Officer Dan Schulman said about their plans:
“We continue to be really pleased with the momentum we’re seeing on crypto and we’re obviously adding incremental functionality into that.”