New rates for cryptocurrency transactions through Venmo and its parent company PayPal came into effect on Monday.
The two companies previously charged a flat fee of $ 0.50 for cryptocurrency transactions up to $ 25, a 2.3% fee for purchases or sales of $ 25 to $ 100, and a 2% fee for transactions of $ 100 to $ 200. was doing.
From Monday, transactions up to $ 200 will be subject to a minimum flat rate. There is a $ 0.49 fee up to $ 5, a $ 0.99 fee up to $ 25, a $ 1.99 fee up to $ 75, and a $ 2.49 fee for the rest of the transaction up to $ 200.
For transactions over $ 200, the same percentage of fees as before will be maintained. 1.8 percent for purchases or sales up to $ 1,000 and 1.5 percent for purchases above that.
“To streamline the existing pricing structure, PayPal and Venmo will introduce a flat rate for cryptocurrency transactions (buying and selling) under US $ 200, removing the complexity of consumer percentage-based calculations.” The spokesperson told Hill in a statement.
“This change is part of our ongoing commitment to providing our customers with transparency, comprehension and clarity,” they added.
PayPal and Venmo now offer their customers the ability to buy, sell and use Bitcoin, Ethereum, Litecoin and Bitcoin Cash.
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