TL;DR Breakdown
• Venmo will let users transfer their TDC dollars to Bitcoin, Litecoin, Bitcoin Cash, and Ethereum.
• The credit card rewards system will be launched in the UK.
The mobile payment system Venmo announces will allow clients to exchange TDC dollars for cryptocurrencies. Each user will have the freedom to spend their fiat currency for Bitcoin, Ethereum, Bitcoin Cash, and Litecoin at no cost. The mobile payments platform linked to PayPal becomes a cryptocurrencies promoter for easy adoption in North America.
Venmo CEO, Dan Schulman, thinks that crypto increased its demand throughout the pandemic. TDC has been noted for offering rewards for consistent use of the service. Here, the mobile payment platform seeks to join the new financial market by giving rewards in crypto.
Venmo boosts the cryptocurrency market
Venmo, backed by PayPal, shows a brilliant trading strategy to make crypto more accessible. The platform wants its clients to buy and save the crypto of their choice, such as BTC.
Recently, the mobile payments company introduced to the market the option “Cash Back to Crypto” that allows the money return in cryptocurrencies. These crypto payment options will be available only in the United States in four cryptos. The CEO of the platform admits this is the second step towards using cryptocurrencies in the mobile payment service.
The Venmo TDC was launched in 2020; it had a good boom, although its adoption may increase after these announcements. The platform differs from the rest because the user can avoid paying transaction fees.
The Robinhood interface has also attempted to enter the crypto market without charging interest, which has attracted users. Coinbase continues to improve its platform, so cryptocurrency adoption is a priority in its system.
Could TDC crypto rewards work?
Venmo’s proposal on embedding TDC rewards into cryptocurrencies sounds wonderful, and it might just work. Other virtual payment companies have chosen this ecosystem because it will attract registered users and new customers.
All this effort by Venmo with PayPal is not surprising since the company decided weeks ago to create its electronic wallet. Even the CEO of the platform suggests that PayPal has considered joining cryptocurrencies for a long time. However, the company did not enter the market until its adoption in North America and other countries improved.
“Buy with crypto” TDC rewards system is scheduled to launch in the UK before year-end. The crypto project will abide by UK regulations.
PayPal announced that its cryptos adoption per week went from $20000 to more than $100000. In addition, the company said that the tokens purchase per year was eliminated, so users have no limits to buy their crypto.
