Fold, a company listed on Nasdaq under the ticker symbol FLD, has announced an exciting new collaboration with financial giants Stripe and Visa (V) to introduce its first exclusive bitcoin rewards credit card. This innovative financial product is designed to provide users a straightforward mechanism to earn bitcoin, affectionately referred to in the crypto community as “stacking sats,” through their everyday purchases.
The newly unveiled Fold Bitcoin Rewards Credit Card will leverage Visa’s extensive payment network, while utilizing the cutting-edge infrastructure developed by Stripe Issuing. Details of this collaboration were shared in a press release issued on Tuesday, which can be viewed here.
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At the time of publication, Fold’s shares experienced a decline, dropping by 10% to a trading price of $3.49.
With this new credit card, users will earn a 2% cashback in bitcoin on all purchases, and an additional 1.5% can be availed by settling bills through a Fold Checking Account after meeting specific activity requirements.
Moreover, Fold cardholders can enjoy substantial cashback offers, receiving up to 10% back through partnerships with prominent retailers such as Amazon, Target, Home Depot, Starbucks, and Uber.
Will Reeves, CEO and founder of Fold, emphasized the card’s value in making bitcoin accessible, stating, “Our credit card offers clear and compelling value and makes bitcoin easily accessible to everyone.” He further noted the simplicity of the rewards structure, stating, “There are no categories to manage, no tokens to stake, no exchange account or balance requirements; just real bitcoin, earned automatically with every purchase.”
According to Stripe, this partnership marks a significant milestone for its newly launched consumer card-issuing product, which is aimed at empowering fintech companies to bring creative payment solutions to market without the need for managing their own backend infrastructure.
Cuy Sheffield, Visa’s crypto lead, expressed that this collaboration provides a “safe, simple way to earn bitcoin as they shop,” highlighting the seamless integration of cryptocurrency into everyday consumer finance.
Fold is already well-established in the bitcoin economy, with an existing debit card, an exchange platform, and a gift card program that has processed an impressive $3.1 billion in transactions, dispensing over $83 million in bitcoin rewards to date.
The new credit card represents an important evolution in Fold’s mission to establish a comprehensive suite of bitcoin-native financial services.
It’s noteworthy that Fold maintains a treasury of nearly 1,500 bitcoin, showcasing its commitment to the cryptocurrency space.
Read more: Fold Holdings Slumps 7% on Delay in Bitcoin Rewards Credit Card
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