![]() The new offering was earlier reported by TechCrunch. The new cash-back feature is rolling out to customers starting Tuesday and will be more widely available in the coming weeks. Venmo Lawrence Bonk Ap3:20 PM Paypal-owned money transfer service Venmo dipped its toes into cryptocurrencies in 2021 after opening up an in-app trading platform. “The introduction of the Cash Back to Crypto feature for the Venmo Credit Card offers customers a new way to start exploring the world of crypto, using their cash back earned each month to automatically and seamlessly purchase one of four cryptocurrencies on Venmo,” Darrell Esch, a senior vice president and general manager of the Venmo app at PayPal, said in the statement.Ĭustomers who use the crypto function can choose from four options: Bitcoin, Ethereum, Litecoin and Bitcoin Cash, the company has said. introducing a Bitcoin rewards card in July. Other finance firms and startups have also started offering more crypto options, with Renaud Laplanche’s Upgrade Inc. In April, PayPal said it would allow users of the Venmo app to buy, sell and hold cryptocurrencies, opening the company’s platform up to these digital assets. The crypto purchases made using this option won’t have any transaction fees, but there will be a cryptocurrency conversion spread built into each monthly transaction. Venmo created a new “Cash Back to Crypto” offering that allows credit cardholders to automatically buy crypto from their Venmo account using cash back earned from purchases, the company said Tuesday in a statement. Look for Zelle in your banking app to get started. (Reporting by Anna Irrera editing by Barbara Lewis)ĭon’t miss out on ET Prime stories! Get your daily dose of business updates on WhatsApp.(Bloomberg) - PayPal Holdings Inc.’s Venmo is expanding its cryptocurrency offerings just months after allowing the digital assets on its platform. Zelle is a fast, safe and easy way to send and receive money with friends, family and others you trust. Your reward will be deposited into your Venmo account by 10/15. The 25 USD purchase of crypto must be for a single type of coin in a single transaction made with Venmo by 9/30. Venmo will drop 25 into your account by October 15, 2021. Venmo, which is owned by PayPal (PYPL), said its more than 70 million customers can buy bitcoin and other coins for as little as. "Our goal is to provide our customers with an easy-to-use platform that simplifies the process of buying and selling cryptocurrencies and demystifies some of the common questions and misconceptions that consumers may have," Darrell Esch, Venmo senior vice president and general manager, said.Ĭrypto on Venmo is enabled through PayPal's partnership with Paxos Trust Company, a regulated provider of cryptocurrency products and services. Buy 25 or more in a single purchase by September 30, 2021. New York (CNN Business) Bitcoin and similar cryptocurrencies have gone increasingly mainstream, but Tuesdays announcement that Venmo is adding crypto support just put crypto access in the palm of everyones hand. ![]() More than 30% of Venmo customers have purchased crypto or equities, 20% of which started buying during the pandemic, the 2020 Venmo Customer Behavior Study found. Other financial technology startups popular with young consumers, such as broker Robinhood also allow crypto buying and selling. ![]() Square Inc's rival Cash App, which has allowed cryptocurrency purchases since 2018, has seen user growth boom over the last year. ![]()
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