Paypal-owned payments firm Venmo has expanded its crypto support by enabling credit cardholders to convert their cash back rewards into four digital assets hosted on the platform.
Venmo offers its credit cardholders between 1% and 3% cash back on select purchases, and the new feature also includes free transactions on any crypto purchases —while conversion fees for swapping between assets are built into each monthly transaction statement
The payments firm currently supports Bitcoin, Ethereum, Litecoin and Bitcoin Cash and customers can activate the new feature by selecting the rewards tab of the credit card home screen. Purchases can be done manually or set up automatically.
Venmo currently has around 70 million users in the U.S. and the platform initially launched crypto trading in late April this year. According to Paypal’s second-quarter earning’s call on July 28, Venmo’s revenues have grown by 183% year-over-year and there has been strong adoption of crypto trading on the platform.
Paypal has been actively working to expand its crypto services since it first enabled crypto purchases back in November 2020.