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Venmo Introduces Cash Back to Crypto
Cash back is automatically added to a customer's Venmo account, giving them the freedom to choose from several different ways to use funds, including the new Cash Back to Crypto feature
Fremont, CA: Venmo announced Cash Back to Crypto, a new way for Venmo Credit Card customers to automatically purchase cryptocurrency from their Venmo account using cash back earned from their card purchases. The new feature, which further enhances the Venmo Credit Card's dynamic rewards experience, expands choice in how customers can spend their cash back while allowing them to start exploring crypto within the Venmo environment they know and love.
Cash Back to Crypto will be rolling out to Venmo Credit Cardholders, offering more ways to use cash back and expanding on Venmo's crypto functionality, which launched earlier this year. Customers will be able to manage their cash back to crypto auto-purchases in real-time and can choose to change their crypto of choice at any time. Purchases made from their Venmo account using the auto-purchase feature with Cash Back to Crypto will not have any transaction fee associated with the purchase, with a cryptocurrency conversion spread built into each monthly transaction.
"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," said Darrell Esch, SVP and GM, Venmo. "We're excited to bring this new level of feature interconnectivity on the Venmo platform, linking our Venmo Credit Card and crypto experiences to provide another way for our customers to spend and manage their money with Venmo."
To enable the new Cash Back to Crypto feature, customers can navigate to the Venmo Credit Card home screen and select the Rewards tab, then 'Get Started.' Once customers have agreed to the terms, they will be able to choose their crypto of choice, with a confirmation screen presented. Customers can navigate to the Rewards tab at any time to turn the auto-purchase feature on or off or even change the crypto they would like to purchase that month.
With seamless auto-purchasing, once customers receive their cash back into their Venmo balance each month, those funds are used to automatically purchase their selected crypto with no action required. Once complete, customers can choose to hold or sell the crypto within the Venmo app at any time.
With crypto on Venmo, customers can view cryptocurrency trends, buy or sell crypto, and access in-app guides and videos to help answer commonly asked questions and learn more about the world of crypto. Customers using crypto on Venmo can choose from four types of cryptocurrencies: Bitcoin, Ethereum, Litecoin, and Bitcoin Cash. When they make transactions, customers can also choose to share their crypto journey with their friends through the Venmo feed.