Venmo is rolling out a new feature that lets Venmo Credit Card users automatically purchase cryptocurrency using cash back earned from their card purchases, the company announced Tuesday.
Called Cash Back to Crypto, the feature "expands choice in how customers can spend their cash back while allowing them to start exploring crypto within the Venmo environment they know and love," according to a press release. This is an auto-purchasing feature, which means when customers receive cash back in their Venmo balance each month, those funds are used to automatically purchase their selected cryptocurrency.
In April, Venmo said it was rolling out the ability for people to. People using cryptocurrencies on Venmo can choose from four types: Bitcoin, Ethereum, Litecoin and Bitcoin Cash.
To enable the Cash Back to Crypto feature, users can go to the Venmo Credit Card home screen, select the Rewards tab and Get Started. After agreeing to terms, they can select a cryptocurrency. Users can turn Cash Back to Crypto's auto-purchases on and off and change the crypto they'd like to purchase.
Once cryptocurrency is purchased, users can choose to hold or sell it within the Venmo app at any time. Cash Back to Crypto, rolling out Tuesday, will be available to all eligible Venmo Credit Card holders in the coming weeks.