Fold aims to bring its bitcoin rewards card product to users worldwide through this expansion partnership.
Fold, the Bitcoin rewards company, announced that it will collaborate with Visa, which will be the exclusive global network partner for Fold’s prepaid debit products in North America, Europe, and Latin American countries. The move aims to expand the reach of Visa’s first co-branded Bitcoin rewards debit card launching in spring 2020 to more Fold users worldwide. The announcement comes as nearly $1 billion in transactions have gone through Fold since the launch of the Fold Visa Debit Card, and users have been rewarded with more than $30 million in bitcoins since the app’s launch.
Fold CEO Will Reeves said, “In order to meet the growing demand for Bitcoin onramp outside the US, we are happy to expand our engagement with Visa. We believe that Bitcoin can be a powerful tool for people around the world to control their finances, and we are committed to making Bitcoin easy and accessible for everyone. Cuy Sheffield, head of crypto at Visa, commented, “We believe that digital currency will play a role in the future of financial services and money movement. We’re excited to work with Fold to create new ways for consumers to spend and engage with their digital assets.”
The new engagement with Visa will allow Fold to expand its existing Fold Bitcoin Rewards Debit Card worldwide and empower existing local financial services companies to launch bitcoin rewards and financial products through Fold’s embedded bitcoin rewards and payment infrastructure.
Fold has proposed a number of traditional banks, fintech and consumer reward programs in North America to use the new Bitcoin financial infrastructure and is looking for global partners to onboard in 2023. Global users are encouraged to register for the early global access waiting list on the Fold website.
Overall, the collaboration with Visa marks an important milestone for Fold as it seeks to expand its global user base and empower users around the world to take control of their finances using Bitcoin. The partnership will enable new ways for consumers to spend and engage with bitcoin.