According to a press release issued on Thursday 09 April, Fold is now a member of Fintech Fast Track to offer a new co-branded card with rewards spent in Bitcoin. The program aims to accelerate the integration process with Visa to offer start-ups the ability to take advantage of VisaNet.
Upon joining the program, Fold will soon launch a debit card that allows customers to spend money and receive Bitcoin cashback on every purchase they make. Users can earn up to 10% of their spending on Bitcoin.
The first crypto company welcome to the programTerry Angelos, Executive Vice President and Global Head of Fintech at Visa, said that by joining Visa's Fast Track program, Fintechs like Fold benefit from unprecedented access to Visa's experts, technology and resources.
This enables them to provide new resources that fast-growing companies need to evolve efficiently,' according to Fold, who is the first crypto-communication company to be admitted to the program.
Compatible with the Lightning network, the Fold card offers consumers an easy way to earn Bitcoin rewards for their everyday spending. Fold offers Bitcoin rewards for purchases at a number of major retailers and service providers, including Amazon, Uber and Starbucks. Its users must synchronize their accounts with their existing credit cards or Lightning networks in order to receive encrypted rewards.
While several major industry players, including Coinbase, have been offering debit cards for spending crypto-money for some time, Foldse stands out by offering the ability to spend cash (euro, dollar) while receiving Bitcoin rewards. The Bitcoins earned can then be transferred to the wallet of one's choice or spent directly through the application.
According to Crunchbase Fold was founded in 2014 and has raised $3.3 million to date, including $2.5 million in seed funding last September. Fold also allows its users to purchase vouchers denominated in US dollars using Bitcoin rewards.
Written By Laetitia, Project Manager