Crypto App Fold Visa Card has been launched. The mobile supported App will see users get rewarded in Bitcoin whenever they use the card to shop. The deal between Fold will see the crypto backed App attract rewards from retailers.
Fold becomes the first fast track program for Visa Fintech. According to Fold Chief Executive Officer (CEO) Will Reeves, Visa will offer a dedicated team of experts and the funding to push the card into the market.
Crypto App Fold Visa Card announcement
In a tweet dated April 9, users can now spend fiat and receive Bitcoin rewards in return every time you swipe the card. This is the first reward program that users earn BTC using the Fold App card. Though not rewarding using Bitcoin, the App has been used by high profile customers including Uber, Amazon, and Starbucks.
The App is not a new brand in the retail industry and been providing users with the option of using crypto or fiat. All the user needs is the card to sync with other credit cards or Lightning wallets. The card is easy to use and users are looking at what a crypto-backed card will yield in the retail market as Reeves sums it up:
“Other cards announced by major exchanges […] require you to spend your crypto triggering taxable events. Our card enables you to spend dollars and earn Bitcoin.”
Key Crypto App Fold Visa Card use benefit
According to Reeves, users will not be taxed on BTC rewards since the digital coin is not being sold or purchased. He goes on to state that the card visibility is huge; it will have a wide user base of more than 10 million merchants spread across the globe.
In the recent past, many crypto-based platforms appear to be diversifying their product offerings. Coinbase recently made an announcement of becoming a Visa card-member. In February, Socios, a sports fan token, and blockchain ecosystem introduced a debit card for its members.
Meanwhile, all eyes are on Amazon whose journey into blockchain integration has been very slow. Its overreliance on third parties has left a huge gap between crypto and e-commerce.