PayPal's Venmo launches "Cash Back for Cryptocurrency Purchases" feature, allowing users to automatically purchase cryptocurrencies

PayPal-owned service Venmo has launched a “Cash Back for Crypto” feature that allows credit card customers to automatically purchase four cryptocurrencies with their cash back without incurring transaction fees.
Payment giant Paypal announced on Tuesday the launch of a new feature on its Venmo platform called “Cash Back to Crypto,” which enables Venmo credit card customers to “use monthly cash back from their Venmo account to automatically purchase selected cryptocurrencies without incurring transaction fees.” The announcement detailed:
“Starting today, Cash Back for Crypto is rolling out to Venmo credit cardholders, providing more ways to use cash back and expanding on the cryptocurrency capabilities Venmo introduced earlier this year.”
The company noted that the new feature will be available to all eligible Venmo credit card holders in the coming weeks.
Venmo launched cryptocurrency trading on its platform in April, allowing its more than 70 million users to access four cryptocurrencies: Bitcoin (BTC), Ether (ETH), Litecoin (LTC) and Bitcoin Cash (BCH).
“Customers will be able to manage their cashback for automated cryptocurrency purchases in real time, with the option to change their cryptocurrency of choice at any time,” the announcement added.
Buyers who use the new Auto-Buy feature to make purchases from their Venmo account will not incur any transaction fees associated with their purchases, with a cryptocurrency conversion spread applied to each monthly transaction.
Paypal is currently hiring for more than 100 positions, including Venmo, to expand its cryptocurrency services. The company recently revealed its expansion plans, including through a new wallet "super app", open banking integration, UK expansion and third-party wallet transfers.
“We’ve been really pleased with the momentum we’ve seen in cryptocurrencies and we’re obviously adding incremental functionality to it,” said PayPal CEO Dan Schulman.