Crypto enthusiasts who are looking for a passive way to earn Bitcoin can now join a beta pilot to get up to 3% ‘cashback’ in BTC on every stay and experience booked on Airbnb. The Bitcoin rewards are available through the mobile app Fold.
Fold, a San Francisco-based startup, is designed to spur mainstream adoption of Bitcoin by using a cashback strategy. Instead of buying Bitcoin on a crypto exchange, a user of the app can earn free Bitcoin while shopping.
Fold supports several big retailers including Target, REI, Amazon, Uber, Starbucks, Burger King, Dunkin’ Donuts and Home Depot. It also supports movie theater chain AMC and Southwest Airlines. The Bitcoin cashback allotted for each retailer varies.
Fold CEO Will Reeves says the mobile app program is similar to accruing rewards points.
Consumers can then choose to spend their Bitcoin rewards, save them for later or withdraw them to a crypto wallet for trading or storing.
The strategy is intended to make earning Bitcoin fun and easy by following consumers’ regular shopping habits.
The app supports consumers in the US, UK, Canada, Mexico and Australia.