PayPal launches feature for Venmo credit cardholders to buy crypto automatically

Paypal (NASDAQ:PYPL) introduces Cash Back to Crypto to enable Venmo credit cardholders to automatically purchase cryptocurrency from their Venmo account using cash back earned from card purchases, according to PayPal (PYPL). There are no transaction fees associated with the automatic crypto purchase feature; there's a crypto conversion spread built into each monthly transaction. Customers can choose to purchase bitcoin (BTC-USD), ethereum (ETH-USD), litecoin (LTC-USD), and bitcoin cash (BTC-USD). Cash Back to Crypto rolls out to Venmo Credit Card customers on Tuesday, Aug. 10, and will be available to all eligible Venmo Credit Cardholders in the coming weeks, the company said. Shares of PayPal (PYPL) are down 1.8% in midday trading on Tuesday. As for cryptocurrencies, bitcoin slips to $45.1K, ethereum falls to $3,121, litecoin rises to $163, and dips to $585.32. In mid-July, PayPal (PYPL) raises cryptocurrency purchase limits for U.S. customers to $100K.