Venmo credit card users can now automatically buy cryptocurrency using the cashback they earn on purchases.
Customers enable the Cash Back to Crypto feature on their Venmo credit card home screen and then choose whether they want their rewards in Bitcoin, Ethereum, Litecoin or Bitcoin Cash.
Once customers receive their cash back into their Venmo balance each month, the funds are used to automatically purchase the selected crypto with no action required. Once complete, customers can choose to hold or sell the crypto within the Venmo app at any time.
The feature compliment's Venmo's decision earlier this year to start letting its users buy, hold and sell cryptocurrency directly within its app.
"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," says Darrell Esch, SVP and GM, Venmo.