Venmo, a payment services platform owned by Paypal, has confirmed that they have added advanced support for digital assets to the platform. In an announcement about the latest update, the company confirmed that they have launched a new crypto cashback feature. With the new feature, users will pay zero transaction fees on crypto purchases.
Venmo says their “Cash Back to Crypto” feature is live and credit card users can now spend their cashback rewards to buy digital assets available on the platform. Currently, Venmo provides support for Bitcoin, Ethereum, Litecoin and Bitcoin Cash.
In his statement to the press, Darrell Esch, senior vice president and general manager of Venmo said: “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.”
Venmo is a PayPal owned payment services provider and it has already acquired over 70 million active customers. It is also a pioneer in providing support for digital assets.
The company is already planning to extend support to other cryptocurrencies and add more advanced features for users. In 2021, Venmo has reported a 183% growth in the number of users on the platform.