Fold, an app that lets consumers earn bitcoin when they shop with credit cars, announced on thursday that they have started a partnership with Visa’s Fast Track fintech program.
Through Fast Track, Fold is now able to offer a co-branded Visa card that allows consumers to earn bitcoin rewards. Consumers will be able to use the Fold card to spend dollars and earn bitcoin back on every purchase made with the card.
”By joining Visa’s Fast Track program, exciting Fintechs like Fold gain unprecedented access to Visa experts, technology, and resources,” said Terry Angelos, SVP and Global Head of Fintech, Visa. ”Fast Track lets us provide new resources that rapidly growing companies need to scale with efficiency.”
To Fold’s customers, bitcoin may be preferred over airline miles, loyalty points, and other store-specific rewards programs. Since bitcoin has no expiration date, the rewards can be used to offset the cost of a consumer’s next purchase, saved, or withdrawn—giving consumers freedom and flexibility. Consumers can also spend from their bitcoin rewards by purchasing fiat-denominated gift cards for retailers on the Fold app to use on their next purchase or allow the value to accumulate like they would in a savings account.
Fold 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. 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 and advisor Russell Okung expressed, ”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.”
The launch of the Fold Card represents an important milestone in the maturation of the cryptocurrency industry. Like its app, Fold aims to make bitcoin fun and accessible to everyone. It functions the same as any other card with the added benefit of earning bitcoin back on every purchase.
Signups for early access are available on the Fold website today.
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