Fold, a crypto startup, has announced a new product which will allow users of their visa cards to receive between 1 to 2 percent in Bitcoin (BTC) rewards whenever they spend at any merchant worldwide that accepts Visa.
Fold will issue these cards from July 2020.
Fold and Visa Partnership
Fortune reports that the new service is distinctly different from what other providers have on offer.
In normal setups, firms such as Coinbase, for instance, allow account holders to spend their Bitcoin and supported cryptocurrencies straight from their visa cards.
However, in this case, users will spend fiat and instead of earning cash rewards, they will receive Bitcoin (BTC), the world’s most valuable cryptocurrency.
This, ultimately, will increase the demand for BTC, and cryptocurrencies because Visa has a presence in over 200 countries and supports millions of merchants.
Notably, accrued BTC can be spend either through the Fold app, or transferred to a third-party wallet where it can be traded, securely held, or spent.
— Fold 🙌 (@fold_app) April 9, 2020
Besides the demand expected, Bitcoin is a fluctuating asset whose prices remain volatile. While prices tanked in March, going forward—and considering the rate of adoption, there are more upsides than downsides.
Bitcoin (BTC) is Money and a High Performing Asset
This is an opportunity for users to hold a potent asset whose value may drastically rise, shaking off strains of Q1 2020.
While talking to Fortune, the CEO of Fold, Will Reeves said:
“Many people say, ‘what’s so great about Bitcoin rather than regular rewards?’ My answer is Bitcoin preserves the freedom and flexibility of cash, while giving you the upside of a high performing asset.”
On Twitter, Reeves adds that they chose Bitcoin because it combines “the freedom of cash with the upside of a high performing asset.”
“Why Bitcoin rewards? Because Bitcoin combines the freedom of cash with the upside of a high performing asset.”
— Will Reeves (@wlrvs) April 9, 2020
Interested users can apply for the card. By the time of press, there were over 1,600 applicants on their wait list.
Most are excited with this new product.
No words to express my excitement! The Fold app already a smooth process for stacking sats, for what I would buy anyway. Truly, a game changer bridging people to Bitcoin – hard/sound money which holds it’s purchasing value.
— Blue Globe on Fast Forward (@lamark6547) April 9, 2020
Crypto offers a product but rewards are in MCO.
The views, opinions, positions or strategies expressed by the authors and those providing comments are theirs alone, and do not necessarily reflect the views, opinions, positions or strategies of CoinGape. Do your market research before investing in cryptocurrencies. The author or publication does not hold any responsibility for your personal financial loss.