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.
We're excited to announce the new Fold. Now, you can #stacksats when you spend fiat or bitcoin at Amazon, Uber, Starbucks, https://t.co/piFqtHhM8e and many more on iOS and Android! Get on the list and RT for a guaranteed spot and up to 100k sats! https://t.co/tjyNaw26Vc pic.twitter.com/dvaYSzhmPC
— Fold 🙌 (@fold_app) September 25, 2019
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.