Visa and Fold Announce the First Bitcoin Reward Card
Fold, american Bitcoin startup, in partnership with Visa Inc., global payments technology company, announces the first Bitcoin reward card.
Announcing the first bitcoin rewards card from Fold and @Visa. Spend dollars and earn bitcoin on every swipe. Get on the waitlist ? https://t.co/aqECInGu97 pic.twitter.com/YY2wkJILEc
— Fold ? (@fold_app) April 9, 2020
As reported, 10% of cash purchases made with this debit card will be credited to users in Bitcoin. “It’s real bitcoin that goes right into your Fold account,” the official website writes.
Fold CEO Will Reeves believes that this new card will bring lots of customers to crypto market. As he mentioned: “People are not interested in spending Bitcoin right now, but are interested in accumulating it.” He noted that people don’t see Bitcoin as money yet, adding: “they [people] certainly will understand it as a better reward.”
Reeves stated: “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Bitcoin has no expiration date, the rewards can be used to offset the cost of a consumer’s next purchase, saved, or withdrawn – giving consumers freedom and flexibility.”
Moreover, Fold users also can spend Bitcoin within the company’s system to purchase USD gift cards at companies such as Starbucks Inc., Uber, etc.
Discussing the partnership with Fold, Visa said that it is a part of its Fast Track program, which encourages fintechs to work with the card giant.
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