Venmo introduces cryptocurrency cashback for credit cards
As explained in a release from Paypal and Venmo, cryptocurrency cashback is calculated monthly, based on purchases that were made with the credit card. Recipients can choose from four Vemno-compatible assets , namelyBitcoin (BTC), Ether (ETH), Litecoin (LTC) and Bitcoin Cash (BCH).
Cryptocurrency purchases are also free for Venmo credit card users. The conversion fee, meanwhile, is built into the monthly fee charged to customers of the payment service.
Venmo CEO Darrell Esch welcomed the integration:
” We are delighted ‘to bring this new level of interconnectivity. between the services of the Venmo platform […] to provide another way for our customers to spend and manage their money. “
PayPal and Venmo more “crypto-friendly” than ever
Venmo’s 70 million US users and PayPal’s 377 million global users have seen crypto services open up to them in recent months. And they’re particularly in demand, if successive decisions by the two payment firms are any indication.
With this, Venmo explained that its crypto services, which launched in April this year, were receiving a ” strong adoption “ from its customers. As for PayPal, it has increased its purchase limits several times in the face of growing user demand.
It is also noted that the company has started to recruit a team entirely dedicated to cryptocurrency in recent months. The considerable weight of these two giants could therefore allow them to become central players in the cryptocurrency ecosystem.
On the same topic – PayPal about to launch its crypto “super app”: what will it contain?
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About the author : Marine Debelloir
Deputy Editor-in-Chief on Cryptoast, I fell into the crypto-currency pot a few years ago. I’m passionate about the innovative technologies that stem from blockchain and I love to dig up the most juicy news to share with you.
All articles by Marine Debelloir.