Bitcoin financial services company Fold Holdings has announced the launch of its credit card, which offers rewards in BTC.
The company announced the development in a press statement today. Notably, it partnered with financial giants Visa and Stripe to expand access to Bitcoin through everyday spending.
According to the announcement, the Fold card is issued on the Visa network and powered by Stripe Issuing.
Reward Package
Users who make purchases with the card will earn up to 3.5% back in Bitcoin rewards. Cardholders receive 2% back instantly, with the remaining 1.5% available when they pay off their balance through a Fold Checking account.
Furthermore, special deals with participating brands, such as Amazon, Home Depot, Starbucks, and Target, could offer users an additional reward of up to 10%.
According to the announcement, Fold will automatically distribute the rewards in Bitcoin to users’ accounts.
Simple Access to Bitcoin
Commenting on the launch, Fold founder and CEO Will Reeves praised the credit card initiative, noting that it simplifies access to Bitcoin. He suggested that the card eliminates the complexity often associated with most crypto-based reward systems.
According to Reeves, users are not required to stake tokens, manage spending categories, or maintain exchange accounts to access the card.
Stripe’s Head of Money Management Product, Sateesh Kumar Srinivasa, expressed excitement about powering the card through its Stripe Issuing platform.
Additionally, Cuy Sheffield, the Head of Crypto at Visa, celebrated the launch. He noted that cardholders can use the Fold Credit Card to earn Bitcoin rewards on purchases made anywhere Visa is accepted.
Fold’s Efforts in Driving BTC Adoption
As a Bitcoin financial services company, Fold Holdings provides the necessary infrastructure for businesses and individuals to save, earn, and spend BTC. Since its launch, it has introduced several products, including a custody and trading platform, a Bitcoin Gift Card, and a Bitcoin Debit Card.
It has also distributed $83 million worth of Bitcoin rewards from a total transaction volume of $3.1 billion. Following the launch of its Bitcoin Credit Card, Fold intends to expand this ecosystem by paying out BTC to users on everyday purchases.
The initiative aims to broaden Bitcoin’s adoption by simplifying access to the cryptocurrency. Rather than navigating the complexities of buying Bitcoin on exchanges, users can seamlessly earn it as rewards on everyday purchases at any merchant that accepts Visa.
Several crypto companies have previously introduced similar initiatives. As reported earlier, Gemini rolled out its credit card, enabling users to earn up to 4% back in cryptocurrencies, such as Bitcoin, on every purchase.
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