Venmo introduces cryptocurrency cashback for credit cards
As a statement from Paypal and Venmo explains, cryptocurrency cashback is calculated monthly, based on purchases made with the credit card. Beneficiaries can choose from the four assets compatible with Vemno i.e. Bitcoin (BTC), Ether (ETH), Litecoin (LTC) and Bitcoin Cash (BCH).
Cryptocurrency purchases are also free for Venmo credit card users. The conversion fees are integrated into the monthly fees billed to payment service customers.
Venmo CEO Darrell Esch welcomed the integration:
“We are delighted to bring this new level of interconnectivity between the services of the Venmo platform […] in order to provide another way for our customers to spend and manage their money. “
👉 To read – According to the CEO of PayPal, bank cards will disappear in ten years
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 to them in recent months. And they are particularly in demand, if we are to believe the successive decisions of the two payment firms.
Venmo explained that its crypto services, launched last April, were enjoying “strong adoption” from its customers. As for PayPal, it has several times increased its purchase limits, in the face of increasing user demand.
We also note 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 subject – 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 pot of cryptocurrencies a few years ago. I am passionate about the innovative technologies that arise from the blockchain and I like to find the most delicious information to share with you.
All articles by Marine Debelloir.