Bitcoin Rewards App Fold to Move to Full Lightning Network Support by 2022
Bitcoin rewards and payments app Fold would integrate the Lightning Network by the end of 2022. The Lightning Network is a second-layer scaling solution added to Bitcoin's network. The Network enables off-chain transactions and near-instant micropayment processing, alongside enhanced privacy.
Fold Partners With OpenNode
In an official press release, Fold said it was committed to integrating Lightning Network support by the end of next year as part of its plans to support and push the Network adoption.
To do this, Fold would partner with Bitcoin payment processor OpenNode for the transition. OpenNode helps businesses to accept Bitcoin payments on the Lightning Network. The app provides instant, low-cost prices with zero chargebacks using Bitcoin.
The collaboration with OpenNode would enable Fold app users to enjoy instantaneous withdrawals of their Bitcoin rewards.
This integration is expected to bring many Fold users to the Lightning Network.
Over 500,000 Fold users are expected to benefit from this integration, many of whom have never experienced Lightning payments before.
“We are continuing our tradition of moving the space towards Lightning as we did before in the early days with Lightning Pizza. By incentivizing users to use Lightning and opt to receive their rewards in a Lightning wallet, we are bootstrapping LN adoption,” Fold CEO Will Reeves explained in the release.
Fold was founded in 2014 by Chris Martin, Corbin Pon, Matt Luongo, and Will Reeves. The Bitcoin rewards firm claims to offer the easiest and simplest way to earn Bitcoin. The app provides Bitcoin cashback through its Visa debit card and mobile application.
Fold’s Lightning integration follows its augmented reality (AR) feature that allows users to earn Bitcoin and in-app benefits by exploring their physical surroundings. Fold launched the new feature alongside a free plan for the firm’s Bitcoin Rewards Debit Card.
Growth In Adoption Of Lightning Network
The Lightning Network has gotten much recognition lately as there has been a lot of enthusiasm surrounding it. Just yesterday, it was widely reported that Twitter was testing a Bitcoin Lightning tipping service. The tipping function is expected to use Lightning for smaller bitcoin payments and would support both custodial and non-custodial wallets.