In an exciting development for cryptocurrency enthusiasts, Fold (FLD), a Nasdaq-listed company, has announced a partnership with Stripe and Visa (V) to introduce its first bitcoin-only rewards credit card. This innovative card aims to simplify the process of accumulating bitcoin, or “stacking sats,” on everyday purchases for its users.
The Fold Bitcoin Credit Card will operate on the robust Visa network, leveraging Stripe Issuing’s advanced infrastructure. This collaboration paves the way for a seamless experience for cardholders, who can now earn rewards effortlessly as they shop.
According to a press release from the company, users of the new credit card will receive a 2% bitcoin reward on all eligible purchases. Additionally, cardholders who choose to pay off their balances through a Fold Checking Account, provided they meet certain criteria, can benefit from an additional 1.5% reward boost. This dual incentive structure aims to enhance user engagement while promoting the use of Fold’s banking features.
Beyond standard rewards, Fold has partnered with several major retail chains, including Amazon, Target, Home Depot, Starbucks, and Uber, allowing users to earn as much as 10% back in bitcoin when shopping at these establishments. “Our credit card not only delivers tangible value but also democratizes access to bitcoin for everyone,” stated Will Reeves, the CEO and founder of Fold, in the company’s announcement. He emphasized the card’s ease of use, highlighting that there are no complicated category restrictions, tokens to stake, or specific balance requirements—just straightforward bitcoin rewards earned automatically with each transaction.
Stripe also heralded this partnership as a significant milestone for its consumer card-issuing product. This technology enables fintech companies to introduce innovative payment solutions without the need to manage their infrastructure. In alignment with this, Cuy Sheffield, Visa’s lead in the cryptocurrency sector, remarked that this collaboration provides consumers with an “easy and secure means to earn bitcoin as they shop.”
Fold, already established in the crypto realm with services like a bitcoin debit card and a gift card program, has processed transactions exceeding $3.1 billion and distributed rewards amounting to over $83 million in bitcoin to date. The addition of the credit card is viewed as a strategic step towards expanding a comprehensive suite of bitcoin-centric financial services.
Currently, Fold holds approximately 1,500 bitcoin within its treasury, underscoring its commitment to the cryptocurrency ecosystem. The launch of this credit card represents not just a new product offering but also an effort to solidifyFold’s position as a leader in the bitcoin rewards space.
As the cryptocurrency market continues to evolve, collaborations such as this illustrate how traditional financial systems can integrate with cutting-edge technology, making bitcoin rewards more accessible for the average consumer.
For additional information on the credit card and its benefits, interested users can visit Fold’s official website.
