Fold Bitcoin Rewards App Secures $2.5 Million To Add Lightning Network To Retail Shops

Fold App, an application that was created to allow people to use the Bitcoin Lightning Network to buy goods such as food and clothing and earn BTC as rewards was able to raise $2.5 million USD during its latest investment round.

Several companies participated in the round, including Goldcrest Capital, Craft Ventures, Fulgur Ventures, CoinShares and Slow Ventures. Fold was originally a part of another company called Thesis.

However, after raising all this money for the project, it will start to act independently to develop its solution.

The main idea of this project is to incentivize people to use cryptocurrencies by giving them rewards. The more they use the service, the more Bitcoin they will receive. After that, they can use the BTC to buy goods or they can withdraw the money to their own crypto wallet. The app can be connected with a debit card to buy the BTC or to a wallet.

According to Will Reeves, the CEO of the company, the launch of the app is set to happen in October. Right now, people can access the service by using their browser. The BTC rewards can go as high as 20% of the price of what was bought using Fold.

The CEO also affirmed that the service keeps the data of the user private, so they will not need to worry about companies snooping in on what they are buying.

While the idea of offering crypto rewards to people for engaging with the industry is pretty cool, it is far from innovative, though. The Lolli app is famous for doing just that: offering rewards for people who wish to use Bitcoin to pay for goods and services.

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Joseph Kibe
Joseph Kibe
Joseph is a blockchain and cryptocurrency enthusiast, with a strong conviction that exposure of blockchain technology is for the good of the society. Fascinated by the massive potential of cryptocurrencies and the technology behind them – blockchain – Joseph spent lots of his time learning more about the industry, becoming a polished expert writer in the sector. He covers any cryptocurrency and blockchain related content.

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer

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