Earn crypto rewards as a Hodler by swiping your card! Venmo introduces fee-free "cash back in crypto" option, choose between Bitcoin and Ethereum.

Payment giant PayPal's mobile payment company Venmo has launched a "Cash Back to Crypto" feature, allowing its credit card customers to convert their monthly cash back rewards into cryptocurrency. Users can choose between Bitcoin, Ethereum, Litecoin, and Bitcoin Cash.

The mobile payment company Venmo, owned by financial giant PayPal, has launched the "Cash Back to Crypto" feature, allowing its credit card customers to convert their monthly cash back rewards into cryptocurrency. Users can choose between Bitcoin, Ethereum, Litecoin, and Bitcoin Cash.

This feature incurs no fees, and the cryptocurrency received from cash back rewards can be held or sold by users. However, the app does not support transferring the cryptocurrency to external wallets. If users opt to convert their cryptocurrency back to cash, it will be treated as a transaction. The "Cash Back to Crypto" feature was launched on the 10th and will be available to all Venmo credit card holders in the coming weeks.

The General Manager of Venmo, Darrell Esch, stated that this new feature connects credit cards with the cryptocurrency experience, providing customers with a way to use credit cards for spending and managing funds.

Venmo began offering cryptocurrency trading functionalities in April this year, including Bitcoin, Ethereum, Litecoin, and Bitcoin Cash.

This article is authorized to be reprinted from Horizon News Network