Payment gateway Visa has teamed up with Fold to offer a new co-branded card with spent rewards in Bitcoin.
This became possible as Fold joined Visa’s Fintech Fast Track program. Citing Fold, Finance Magnates said that the fintech is the first crypto-related company to gain admission into the program. Under this program, Visa allows fintech companies to accelerate their integration with the payments card scheme.
Compatible with the Lightning network, Fold offers rewards in Bitcoin for purchases on several retailers and service providers such as Amazon, Uber, and Starbucks. Its users need to synchronous their accounts either with their existing credit cards or Lightning networks to avail of the crypto rewards. The mobile application currently offers its users to earn up to 20% of their spends in Bitcoin, however, rewards on the upcoming Visa card might limit this to 10%.
Founded in 2014, Fold raised USD 3.3 million to date, according to Crunchbase, including a USD 2.5 million seed funding round in September 2019. Though the US-based company is set to launch the new Visa cards in July 2020, the name of the banking service provider is still unknown.
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