Venmo announced today its newest feature which will introduce cryptocurrency to its users. Say hello to “Cash Back to Crypto”. This enables Venmo Credit Card holders to purchase cryptocurrency using their earned cashback from card purchases. Read on to know how this feature works.
Cryptocurrency is becoming more popular nowadays. Everything is going digital which means, currency is too. As people become more informed and interested with Bitcoin, investing, and others, it has become evident that sooner or later cryptocurrency will be one of the main options for currency. Moreover, Cryptocurrency ATM locations are also increasing in number becoming available to more people. And today, one of the biggest digital currency apps is in with this change.
Cash Back To Crypto
Venmo, a digital wallet, owned by PayPal announced a new feature available in its platform. According to CNET, this new feature called “Cash Back To Crypto” allows users of Venmo Credit Card to automatically purchase cryptocurrency. Users can purchase crypto using cash back that they earn from purchasing items using their Venmo credit card.
This feature also involves an auto-purchasing system. Meaning that users that opt for this feature will automatically have their earned cash back each month purchase their selected cryptocurrency. This feature is the app’s way to expand user’s options while providing more ways to explore cryptocurrency since it was added to the app earlier this year. Moreover, it is within the Venmo that users are familiar with and they love.
Ever since the month of April, Venmo app has already opened more options for users to transact using cryptocurrencies. The app already allows buying, holding, and selling cryptocurrencies. And now added the Cash Back To Crypto feature, which may be considered safer as you get to purchase from your rewards/cashback. Finally, once you have it purchased, you can also decide to hold it or sell it also within the app.
How To Enable This Feature?
To enable the Cash Back to Crypto feature, here is what you can do. Go to the Venmo Credit Card home page, click on the Rewards tab. From there, select Get Started. The app will then show the terms within the new feature which users have to agree on. Users can now select the type of cryptocurrency they want to purchase from Bitcoin, Ethereum, Litecoin and Bitcoin Cash.
Users can turn enable and disable this feature anytime they want, and also change the type of cryptocurrency to purchase. Just simply go back to the Rewards tab. Aside from that, there will be no transaction fees to be deducted within the transaction.
This feature will be available to all eligible Venmo Credit Card holders in the weeks to come. The Venmo Credit Card can be used anywhere as long as Visa® credit cards are accepted. It works similarly as a credit card with the use of your app. Cashback is then earned from various purchases done using this function. This cashback will then automatically be added to your account to purchase or to use the new Cash Back To Crypto feature.