The PayPal-owned company Venmo has launched a crypto cashback program
3 min readRecent announcement by the giant PayPal revealed that Venmo users now they can convert cashback rewards for cryptocurrencies. The new feature will allow customers who own a credit card to purchase cryptocurrencies on their accounts. However, they will only have this option through cashback rewards earned for their expenses. The function is known as Cashback to Crypto, which aims to extend the features that are already available on the platform.
Say hello to Cash Back to Crypto with the Venmo Credit Card, rolling out to eligible cardholders over the coming weeks.
Learn more → https://t.co/zvQfMxIZl5 pic.twitter.com/wcroWuaapW
– Venmo (@Venmo) August 10, 2021
Cashback to Crypto and Venmo
Customers also have the option to turn this feature on and off at any time. And if they decide to use it, no transaction fees will be implemented for the transfer. Customers can choose from four cryptocurrencies to which they will transfer their cashback. These include BTC, ETH, LTC and BCH.
This feature provides customers Venmo a way to easily explore a new cryptocurrency market for them. But in an environment they already know and are familiar with. By using a platform that they already know how to navigate, this will give them more confidence in their initial market research.
PayPal in the cryptoworld
Parent company of Venmo, payment service provider PayPal, has always been on the front line when it comes to digital payments. The same is true for cryptocurrency payments. At the end of last year, the payment processor announced that it would provide its US customers with access to payment in crypto. And what’s more, PayPal users can also buy, sell and hold cryptocurrencies on their PayPal accounts.
Company commitment PayPal bringing cryptocurrencies to the masses is increasingly being used. In addition, the paying giant announced that in August finally expanding cryptocurrency payments as well for British customers. This step would finally develop the company’s crypto services so that were not only available in the US.
Although the history of PayPal with cryptocurrencies has not always been friendly, it seems that the payment processor is now really involved in crypto payments. CEO of PayPal Dan Schulman in April he referred to cryptocurrencies as “Real opportunity”.
Venmo sails into unexplored waters
This is the first foray Venmo into the world of cryptocurrencies. Although, of course, the same cannot be said of his parent company. The payment platform, which provides a social way of sending and receiving money, is now testing new possibilities.
“The introduction of Cashback to Crypto for the Venmo credit card offers customers a new way to start discovering the world of cryptocurrencies,” said Darrell Esch, SVP and GM from Venmo.
This feature gives customers a real opportunity buy and sell at any time your cryptocurrencies. Customers can also choose to keep the cryptocurrencies they purchase in their accounts. However, the press release did not mention the possibility of transferring cryptocurrencies from the platform. Customers will therefore need to perform all of their cryptocurrency activities entirely in the Venmo platform.
