Crypto Rewards App Fold Launches Visa Card, Enabling Users To Earn Bitcoin On Purchases
The Lightning-compatible mobile app that offers Bitcoin (BTC) rewards for shopping, Fold is now in the Visa’s Fintech Fast Track Program. This means the app will launch a Visa card that’s going to still offer BTC rewards for buying from retailers. Will Reeves, the CEO of Fold, said Visa will provide for his company a dedicated team and the financial support for bringing the new card to the market.
— Fold 🙌 (@fold_app) April 9, 2020
The Fold App Has Been Working with Starbucks, Amazon and Uber
So far, the Fold app has been working with important names in the retail industry such as Starbucks, Uber, and Amazon, allowing its users to spend fiat or BTC with these retailers, just by having their accounts synchronized with a Lightning wallet or a credit card. The new Visa offering will enable the same users to use the integrated service. While many crypto players are looking at what crypto cards could bring, Reeves described the one from Fold with these words:
“Other cards announced by major exchanges […] require you to spend your crypto triggering taxable events. Our card enables you to spend dollars and earn Bitcoin.”
He also mentioned that BTC rewards won’t trigger a taxable event because the BTC won’t be sold. The card is going to work with 10 million merchants from all over the world.
The Debit Cards Offer Is Very Diversified
The US-based major crypto exchange Coinbase has recently announced that it has a become a Visa principal member, so the crypto debit cards offer is quite diversified, not to mention users are being given the chance to benefit from a more familiar and flexible interface when it comes to earning and accessing cryptocurrencies.
Earlier in February, the blockchain-based and sports fans token project Socios has also made the announcement that it’s going to launch a fiat-crypto integrated membership debit card that provides a global ID functionality based on blockchain.
In the meantime, Amazon has been slow when it comes to integrating cryptocurrencies, as it wants to leave more room for third-party projects offering prepaid gift and debit cards, or crypto rewards, just so that the gap between BTC and e-commerce is covered.