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Fold launches Visa card with bitcoin rewards

Fold launches Visa card with bitcoin rewards

Crytpo startup Fold has struck a deal with Visa to launch a card that lets users earn bitcoin when they spend.

Fold has scored the ability to launch the co-branded Visa card after getting picked to join the payment giant's Fintech Fast Track programme.

Rather than airline miles or loyalty points, shoppers will earn bitcoin back on purchases made with the card.

Users can spend from their bitcoin rewards by purchasing fiat-denominated gift cards for retailers on the Fold app, or allow the value to accumulate like they would in a savings account.

Fold CEO Will Reeves says: "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."

Comments: (2)

Duane Tough
Duane Tough - PBATM - ny 14 April, 2020, 17:42Be the first to give this comment the thumbs up 0 likes

This could be cool...treasury on the FI side ....that may get a regulatory deep dive pending volumes....

Roberto Garavaglia
Roberto Garavaglia - Innovative Payments & blockchain Strategic Advisor - Milan 16 April, 2020, 14:45Be the first to give this comment the thumbs up 0 likes

Intruguing solution, even if it's not so clear how the Bitcoin's reward are managed. I guess it's being by a sort of "cash back" backed by merchants where the Visa Card is used for purchaising (an alternative to the old fashioned Card Related Programs Incentives).
Need to be further acquainted under the regulation standpoint.