Cardholders will be able to buy Bitcoin, Ethereum, Litecoin and Bitcoin Cash through the “Cash Back to Crypto” feature and will not be charged fees for the transaction, Venmo said in a statement.
The users can at any time hold or sell such assets within the Venmo app and change their choice of cryptocurrency.
The peer-to-peer payment service already allows its more than 70 million users to purchase the four cryptocurrencies through its direct buying option, which was introduced in April and carries a fee.
California-based PayPal has become one of the most active mainstream financial companies in cryptocurrencies.
In October, it began allowing users to buy, sell and hold cryptocurrencies in its digital wallets and last month it started allowing customers to spend their virtual coins at millions of merchants globally.
In October, it began allowing users to buy, sell and hold cryptocurrencies in its digital wallets and last month it started allowing customers to spend their virtual coins at millions of merchants globally.
These launches helped to fuel a rally in virtual currencies. Bitcoin has soared nearly 90% since the start of this year, boosted by interest from larger financial firms betting on its greater adoption and use as a hedge against inflation.
Venmo’s crypto launch also coincides with increased competition in the U.S. peer-to-peer payments sector.
