Tag: Venmo

French Payment App Lydia Offers Digital Assets Trading Services

by Blockchain News

French payment processing app Lydia has now integrated support for digital assets trading on its platform.

Through the partnership, as many as 5.5 million Lydia customers will now be able to buy and sell digital assets like stocks, fractionalized stocks, bonds, Exchange Traded Funds (ETFs), and ultimately cryptocurrencies. According to the firm, the support was made possible with the integration with Bitpanda, the Austrian unicorn digital asset brokerage.

The Lydia app looks to set up a precedent for related diverse offerings in the United Kingdom in competition to American payment giants, including Cash App, Paypal, and Robinhood.

The company said the  trading approach is licensed and being described as one of the most accessible apps for onboarding new users.

“If you want to buy assets right now, it’s too complicated,” Lydia co-founder and CEO Cyril Chiche told me. “Even just accessing those markets is complicated. It takes you several days to register and verify your account. After that, you have to send money. And then, there are minimum amounts.” 

Chiche said the Lydia approach is different as users will be able to connect to the trading app through their existing accounts. Unregistered users will be able to communicate in a few simple taps. The collaboration with Bitpanda showcases the ability of crypto-focused firms to form mutually beneficial business relationships. This trend is essential to drive the mainstream adoption of the crypto industry.

Bitpanda’s integration with Lydia is considered a pioneering attempt by the Austrian digital asset exchange to help legacy fintech firms kickstart their trading journeys. The firm said it has secured a license with the French financial regulator, the AMF, and is looking to solidify its business presence in the European nation.

It is becoming a common occurrence for payments firms to embrace cryptocurrencies. Cash App, Paypal, and Venmo are amongst the common names that come to mind, as major industry players are looking for ways to gain a good market share in the fast-growing cryptocurrency industry.

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Venmo Launches Crypto ‘Cash Back’ Rewards for Credit Card Users – Here Are the Eligible Cryptocurrencies

by Dailyhodl

Venmo credit card users can now earn rewards in four different crypto assets.

Under a new program that kicked off this week, card users can elect to automatically purchase Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC) and Bitcoin Cash (BCH) from their Venmo accounts using cash back rewards earned from their card purchases.

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Automatic purchases will not have any associated transaction fees, according to a press release from PayPal, which owns the mobile payment service company.

Darrell Esch, senior vice president and general manager of Venmo, says the “Cash Back to Crypto” feature offers an easy way for customers to begin exploring the world of crypto.

“We’re excited to bring this new level of feature interconnectivity on the Venmo platform, linking our Venmo Credit Card and crypto experiences to provide another way for our customers to spend and manage their money with Venmo.”

Venmo first rolled out crypto services and trading for BTC, ETH, LTC, and BCH to its 70 million customers in April.

During PayPal’s second-quarter earnings call last month, chief executive Dan Schulman said the company was seeing “strong adoption and trading of crypto on Venmo.”

“Well, we continue to be really pleased with the momentum we’re seeing on crypto… We’re right in the middle of some open banking integration, which will increase the ability to fully integrate into ACH [automated clearing house] and do faster payments. We’re going to launch, hopefully, maybe even next month in the [United Kingdom], open up trading there. We’re working right now on transfers to third-party wallets, and we really want to make sure that we create a very seamless process for taxes and tax reporting.”

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PayPal Subsidiary Venmo Introduces Crypto Purchases with Cash-back Options

by Btcmanager

Venmo credit card holders will enjoy buying cryptocurrencies using the recently unveiled cashback option. The PayPal subsidiary seems confident in its decision to offer services involving digital currencies.

PayPal’s Openness to Cryptocurrencies

Venmo recently integrated a new Cash-back to crypto service as an option for its Customers. According to the company, the option will enable cardholders to buy crypto automatically via their Venmo account using cash earned from their monthly card purchases. Furthermore, Venmo will charge zero transaction fees for cryptocurrency acquired via the cashback option.

Darrel Each, the GM of Venmo’s PayPal application, said, 

“The introduction of the Cash Back to Crypto feature for the Venmo Credit Card offers customers a new way to start exploring the world of crypto, using their cash back earned each month to automatically and seamlessly purchase one of four cryptocurrencies on Venmo.”

The GM expressed his delight on the milestone, stating the option provided new ways for Venmo cardholders to utilize their funds diversely. He is confident that involving Venmo credit cards with crypto spells success for the platform at large.

PayPal and Crypto

On Venmo, users will get the opportunity to buy and sell four cryptocurrencies, namely bitcoin, bitcoin cash, Ethereum, and Litecoin. PayPal had announced its users could buy crypto via Venmo back in April. PayPal also formed a partnership with Paxos Trust Company, a certified crypto services provider, to offer cryptocurrency services to its users..

Additionally, PayPal now allows its US client base to make settlements on goods and services with crypto, as a merchant option. The move encouraged several other financial institutions to dive into the digital asset business like Suncrest and Renaud Laplanche’s Upgrade Inc.

Other financial brokerage service companies like Robinhood and Square have also shown interest in exploring aspects of the cryptocurrency market.

Banks Considering to Offer Digital Currency Custody Services

According to crypto custody firm NYDIG, more banks may very well get into the cryptocurrency service provision group. Reports suggest banks are wary of how frequently people transfer funds to crypto exchanges, and they would also like a seat at the table. 

NYDIG President Yan Zhao stated that the cash movement to exchanges fully indicates people’s interest in BTC continues to grow.

Morgan Stanley, JP Morgan Chase, and other financial institutions have taken the step to strategize on how to offer crypto asset services.

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Venmo Lets Credit Cardholders to Convert Cash Back to Cryptocurrency

by Blockchain News

Venmo mobile payment service announced on Tuesday, August 10, that it has launched a credit card feature that allows users to convert their cash-back rewards into Bitcoin and other crypto-assets. 

Brazil. In this photo illustration the Venmo

The PayPal Inc-owned company has announced that it has expanded its crypto offerings.

This new “Cash Back to Crypto” feature enables Venmo credit cardholders to use monthly cashback in their accounts to buy crypto of their choice without incurring transaction fees automatically.

Darrell Esch, “head of checkout” at PayPal, and a general manager at Venmo, talked about the development, saying:

“Starting today, Cash Back to Crypto will be rolling out to Venmo Credit Cardholders, offering more ways to use cashback and provide another way for our customers to spend and manage their money with Venmo.”

Venmo’s “Cash Back to Crypto” feature will enable consumers to choose between Bitcoin, Ethereum, Bitcoin Cash, and Litecoin; the four crypto assets are currently available on the Venmo app. 

The “Cash Back to Crypto Feature” is free of charge, unlike Venmo’s normal fees for crypto purchases that can range between $0.5 to 2.3% of the transaction amount.  

Once the purchase is executed, customers will be able to either hold their cryptocurrency or sell it on the Venmo app. The feature does not support transfers to external wallets.

Crypto Going Mainstream

A few months ago, Venmo made a bold step toward providing investors with mainstream access to cryptocurrencies.

In April this year, Venmo launched its cryptocurrency trading service as a new way for its more than 70 million customers to purchase, sell, and hold crypto assets directly within the Venmo app.

Venmo users can buy crypto assets using money already in their accounts or money inside linked bank accounts. 

Venmo rolled its crypto service after finding out that 30% of its 70 million customers have already begun purchasing cryptocurrency or equities, with several of them starting when the Covid-19 pandemic hit the world. Customers can buy cryptocurrencies for as little as $1.

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Venmo enables users to automatically buy crypto with ‘cash back’ rewards

by Cointelegraph

Paypal-owned payments firm Venmo has launched a new crypto ‘cash back’ feature that includes zero transactions on crypto purchases.

According to an Aug. 10 announcement, Venmo’s “Cash Back to Crypto” service went live yesterday and enables credit card customers to spend their cashback rewards on digital assets hosted on the platform.

Venmo offers its credit cardholders between 1% and 3% cash back on select purchases, and the new feature also includes free transactions on any crypto purchases —while conversion fees for swapping between assets are built into each monthly transaction statement

The payments firm currently supports Bitcoin, Ethereum, Litecoin and Bitcoin Cash and customers can activate the new feature by selecting the rewards tab of the credit card home screen. Purchases can be done manually or set up automatically. Darrell Esch, senior vice president and general manager of Venmo said:

“The Cash Back to Crypto feature for the Venmo Credit Card offers customers a new way to start exploring the world of crypto, using their cash back earned each month to automatically and seamlessly purchase one of four cryptocurrencies on Venmo.”

Venmo currently has around 70 million users in the U.S. and the platform initially launched crypto trading in late April this year. According to Paypal’s second-quarter earning’s call on July 28, Venmo’s revenues have grown by 183% year-over-year and there has been strong adoption of crypto trading on the platform.

Related: Alchemy Pay to launch virtual crypto cards with Visa and Mastercard support

Paypal has been actively working to expand its crypto services since it first enabled crypto purchases back in November 2020.

On July 15 Cointelegraph reported that the firm increased purchasing limits of crypto to $100,000 per week. Later in the month during the Q2 conference the company announced plans to offer crypto trading to U.K. customers, while also teasing vague intentions to enter DeFi.