Fold Unveils New Bitcoin Rewards Visa Card
Despite the best efforts of FinTechs like Robinhood and Square, cryptocurrencies remain fairly esoteric in nature. However another company looking to change that is Fold — an app that uses Bitcoins as cash back rewards. Now the firm is taking that mission to the next level with the help of Visa.
Today, Fold announced that it would be launching a co-branded Visa card that will allow users to earn Bitcoin rewards when they use it to make purchases. According to the company, its customers said they’d prefer earning Bitcoin to other rewards mediums, such as airline miles or points. Part of the reason for that is that, unlike some rewards programs, Bitcoin doesn’t expire. Currently Fold is welcoming users to join the waitlist for the card and invite friends in order to move up the list. They also note that the top 1,000 will be the first to gain access to the card once it is released.
The new card comes courtesy of Fold joining the Visa Fast Track program. Launched stateside in August of last year, Fast Track is intended to help FinTechs integrate with Visa in order to bring their products to market at a more rapid rate. As Visa’s SVP and Global Head of FinTech Terry Angelos explained, “By joining Visa’s Fast Track program, exciting FinTechs like Fold gain unprecedented access to Visa experts, technology, and resource. Fast Track lets us provide new resources that rapidly growing companies need to scale with efficiency.” Other notable startups that have recently come aboard the Fast Track program include the automated savings app Astra — although, in their case, the partnership wasn’t aimed at launching a card product but allowed them to take advantage of VisaNet for transfers.
As for the Fold app itself, users can buy gift cards for various brands and earn a percentage of their purchase back in Bitcoin. More accurately, the platform measures rewards in “sats” (short for “Satoshi”) that amount to 0.00000001 BTC. Meanwhile Fold also gives users a daily opportunity to win sats via a prize wheel.
In a press release announcing the Fold card, the company’s CEO Will Reeves commented, “The Fold card provides an easy way for consumers to earn rewards in Bitcoin for their everyday spending. What we noticed at Fold is that plenty of people are interested in participating in the growing Bitcoin economy but aren’t sure how to get started.” He added, “Fold makes it easy for anyone to get their first piece of Bitcoin when using the Fold card to earn Bitcoin rewards on any purchase.” NFL player and Fold investor Russell Okung also expressed excitement for how Fold’s model could help boost Bitcoin, noting, “The Fold Visa Card represents a significant step towards mainstream adoption of Bitcoin. We’re excited for our partnership and the opportunity to introduce even more people to the best money in the world.”
Although there are still some details to be revealed about the Fold card, such as how much users will earn per purchase, the idea behind the product seems sound. Plus, with the backing of Visa, it does add hope that Fold could be successful in bringing more people into the world of crypto. In any case, new or current customers can join the Fold card waitlist by visiting the company’s site or in the app.