The mobile payment service, which added advanced cryptocurrency features to its app earlier this year, claims that this new feature “expands the choice for customers to spend their cash and allows them to start exploring cryptocurrencies.” .
Last April, PayPal-owned Venmo went live with cryptocurrencies, introducing the ability to buy, hold, and sell altcoins online, where users can view trends, access guides, and “share their cryptocurrency expertise.” with your friends”.
To start earning digital money, visit the Venmo credit card home screen > Rewards tab > Get Started, then select the token of your choice: Bitcoin, Ethereum, Litecoin, or Bitcoin Cash.
Navigate to the Rewards tab at any time to turn the auto-purchase feature on or off and change your preferred currency type.
A conversion margin is included in each monthly transaction, so there are no additional fees, and customers can hold or sell their crypto within the Venmo app.
Venmo’s first credit card, issued by Synchrony and backed by Visa, launched later this year in the US and offers a cash rewards program that adapts to spending habits.
Each month, users earn 3% and 2% on their highest and second highest spending categories, respectively, and 1% on all other purchases. The ability to use Cash Back to Crypto will be available to all eligible customers “in the coming weeks”.