Market giant PayPal has dropped another piece of good news for its consumers today. Reportedly, Venmo, a Paypal owned payments company, will now enable its consumers to automatically purchase digital assets using the cashback rewards they acquire from Venmo credit card buyings.
Venmo Credit Cardholders may now buy Bitcoin, Ethereum, including other supported crypto assets via the new “Cash Back to Crypto” update, rolled out on the Venmo app.
At present, the platform charges a transaction fee of $0.50 to 2.3% of the total transaction amount. However, unlike buying cryptocurrencies and paying loads of transaction fees, these automated purchases wouldn’t charge the consumer anything extra, and via the introduction of the ‘Cashback To Crypto Program,’ the transaction charges would be completely demolished.
This is a developing story and will be updated shortly
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