Venmo, a popular payments company owned by payments giant PayPal, has just announced its users can now automatically convert their rewards into cryptocurrencies.
According to the announcement shared yesterday by the company, the new "Cash Back to Crypto" service allows credit card users to spend their cash back rewards on digital assets hosted on the platform.
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The company offers cash back, ranging from 1% to 3%, to its credit card users on certain purchases.
The company currently supports Bitcoin, Ethereum, Litecoin and Bitcoin Cash. This new functionality can be activated by selecting the rewards tab on the credit card home screen. Purchases can be made manually or set up automatically.
A few weeks ago it was known PayPal has increased to $100,000 the weekly limit for buying cryptos on the platform. The previous limit was set at $20,000.