Fold, Visa teams up on new Bitcoin rewards card

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Fold has joined Visa’s Fintech Fast Track program aimed at providing a co-branded Visa card that will allow users to spend in dollars and earn Bitcoin (BTC) rewards.

The co-branded Visa card is called the Fold card.

Fold is a mobile application that allows its users to use their BTC in purchasing goods and services. Their users are given up to 20% BTC cashback on all their purchases, giving them a secure way to purchase, save, and earn rewards by just using Fold.

In a statement from Terry Angelos, SVP and global head of Fintech for Visa, said:

“By joining Visa’s Fast Track program, exciting Fintechs like Fold gain unprecedented access to Visa experts, technology, and resources.”

Angelos said he believes that the recent partnership with Fold will let them provide them “new resources that rapidly growing companies need to scale with efficiency.”

How can this affect BTC?

The partnership between Fold and Visa is expected to promote mainstream adoption of BTC. Consumers are likely to prefer BTC rewards over airline miles or cash rewards because BTC has no expiry date.

Will Reeves, chief executive officer of Fold, said that this move can likely invite more consumers to use BTC:

“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.”

Consumers can either spend these rewards or let its value accumulate over time, given that BTC has been known to appreciate in value as well.

Fold Card will make BTC more accessible

Before the partnership, the Fold app has allowed users to spend either BTC or fiat at major retailers. Users have to link their accounts with either an existing credit card or a BTC Lightning wallet to enable purchasing.

According to Reeves:

“The Fold card provides an easy way for consumers to earn rewards in bitcoin for their everyday spending. What we noticed at Fold is that plenty of people are interested in participating in the growing bitcoin economy but aren’t sure how to get started. Fold makes it easy for anyone to get their first piece of bitcoin when using the Fold card to earn bitcoin rewards on any purchase.”

This partnership highlights the growing understanding of the people toward cryptocurrencies.

According to some, what this milestone represents is the growing maturation of the cryptocurrency industry. The first step of making people receive an added benefit of earning BTC back on every purchase could make the digital asset more accessible to everyone.

Errol Villorente

Covering topics on technology, finance, and cryptocurrency. Believes in the promise that lies in the blockchain and cryptocurrency to change the international financial landscape.

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Errol Villorente

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