(CNBC) A credit card feature launched by PayPal-backed Venmo on Tuesday will allow users to convert their cash-back rewards into crypto assets.
The credit card feature by Venmo is part of its broader crypto strategy, ushering in a wave of new crypto asset holders.
The process will incur no transaction costs to customers, and users will receive the price of the cryptocurrency when making the conversion.
Venmo’s cash-back to crypto happens at a time of increasing scrutiny on crypto assets, with Washington viewing them as real products needing the state’s attention.
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