The crypto cashback app Fold is launching a new Visa card that allows users to earn Bitcoin rewards instead of conventional points or cash. The announcement highlights Visa’s increasing integration with leading companies in the cryptocurrency space that are using traditional credit and debit cards as a bridge to reach new customers interested in acquiring, storing or spending Bitcoin and other digital assets.
Fold has joined Visa’s Fintech Fast Track program, which will allow the San Francisco-based crypto startup to offer a co-branded Visa card. The new Fold card will enable consumers to earn Bitcoin back on every purchase made with the card.
Will Reeves, Fold CEO, says the card is a game-changer as consumers will have the chance to accrue and hold Bitcoin, the leading cryptocurrency.
“People are not interested in spending Bitcoin right now, but are interested in accumulating it. If people don’t understand Bitcoin as money yet, they certainly will understand it as a better reward.”
Reeves argues that Fold customers will have a distinct advantage by racking up Bitcoin instead of airline miles, loyalty points and other rewards programs.
“Since Bitcoin has no expiration date, the rewards can be used to offset the cost of a consumer’s next purchase, saved, or withdrawn – giving consumers freedom and flexibility. Consumers can also spend from their Bitcoin rewards by purchasing fiat-denominated gift cards for retailers on the Fold app to use on their next purchase or allow the value to accumulate like they would in a savings account.”
Major companies and retail brands in the Fold network include Amazon, Airbnb, Delta Airlines, Uber, Nike, Starbucks, Nintendo eShop, L.L. Bean, Domino’s and Burger King.
Payments giant Visa continues its string of collaborations in the crypto space with notable projects. In February, leading crypto exchange Coinbase launched its Visa-powered Coinbase Card, allowing users to spend top cryptocurrencies such as Bitcoin, Ether and Litecoin. Binance revealed its Visa debit card last month.
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