Fold is aiming at bringing its bitcoin rewards card product to users around the world through this expansionary partnership.
Fold, a Bitcoin rewards company, has announced that it will collaborate with Visa, which will become 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 the first Visa co-branded Bitcoin rewards debit card launched in the spring of 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 over $30 million in bitcoin since the launch of the app.
Fold CEO Will Reeves said, “In order to meet the growing demand for Bitcoin onramps outside the U.S., we’re thrilled to expand our engagement with Visa. We believe that Bitcoin can be a powerful tool for people all over the world to take control over their finances, and we are committed to making Bitcoin as easy and accessible as possible for everyone.” Cuy Sheffield, head of crypto at Visa, commented, “We believe that digital currencies 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 digital assets.”
The new engagement with Visa will allow Fold to expand the existing Fold Bitcoin Rewards Debit Card globally and empower existing local financial service companies to launch their bitcoin rewards and financial products via Fold’s embedded bitcoin rewards and payments infrastructure.
Fold has lined up several traditional banks, fintechs and consumer rewards programs in North America to leverage the new embedded Bitcoin financial infrastructure and is looking for global partners to onboard in 2023. Global users are encouraged to sign up for the early global access waitlist on the Fold website.
Overall, the collaboration with Visa marks a significant milestone for Fold as it seeks to expand its user base globally and empower users worldwide to take control over their finances using Bitcoin. The partnership will allow for new ways for consumers to spend and engage with bitcoin.