The Lightning Network (LN)-enabled Fold App, which allows users to spend their crypto like cash to purchase clothes and various other items while earning Bitcoin-back rewards, has integrated fiat capability on its platform.
According to Coindesk,
“Fold is offering a type of crypto training wheels to retailers like Macy’s, Target and Amazon. On the merchant side, they only see a payment processed by Fold, not the users’ credit card or bitcoin wallet address. Fold then cashes out the payment for merchants [in fiat or crypto.]”
Explaining how the app works, Fold product lead Will Reeves notes,
“When people spend fiat at retailers they will receive BTC rewards. They can spend those rewards or withdraw them to an on-chain address.”
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
Reeves says the company will be launching an update that lets users withdraw rewards directly to a Lightning-enabled wallet, which will lower transaction fees and make the platform more user-friendly.
Fold App is currently integrated with two LN-compatible wallets, BlueWallet and Breez. Last month the startup brought crypto adoption to Domino’s Pizza.
Fold reportedly raised $2.5 million in an investment round led by Craft Ventures, CoinShares, Slow Ventures, Goldcrest Capital and Fulgur Ventures.
The funds will be directed toward securing strategic partnerships in the crypto and retail industry.