Ethereum
$ 1,062.84 2.34%
Solana
$ 32.99 1.65%
Dogecoin
$ 0.065931 1.68%
ApeCoin
$ 4.59 3.50%
Bitcoin
$ 19,091.04 0.60%
BNB
$ 217.75 0.60%

Fold App raises $2.5 million in recent funding round

Trump 66

Bitcoin-based Fold App has now added fiat-support on its application after its first finance round as an independent company. The application built on the lightning network allows users to purchase food and clothes using Bitcoin(BTC). Users receive rewards in Bitcoin for each transaction.

Fold App: Funding round after leaving Thesis*

The startup left is host company with a two and a half-million-dollar ($2.5M) funding round led by Craft Ventures. Fold product lead Will Reeves revealed that the company would soon be enabling subscription services “that will provide premium services and highest rewards.”

Reeves added that users spending fiat will receive BTC rewards. Users can then choose to spend those BTC through Fold App or transfer them to their on-chain addresses. He also said that the company is working on an update that would allow direct withdrawals on the lightning network, which will reduce transaction costs and increase efficiency.

In simple words, the application can be linked to a debit card for bitcoin rewards on fiat purchases through the app. Customers can then send this BTC to their wallets or use it to make further purchases. A mobile Fold App is slated for launch in October. Currently, the application is available on the company’s website for early access.

The funding round was led by Craft Ventures while CoinShares, Slow Ventures, and Goldcrest Capital also participated along with numerous others. CoinShares co-founder Meltem Demiros stated that he found Fold App unique because it promotes the use of non-custodial wallets.

Fold App is currently integrated with two lightning-friendly wallets, including BlueWallet and Breez. The application is mostly focused towards lightning payments. The application introduced Bitcoin payments to Amazon and Uber.

Ahmad Asghar

Ahmad Asghar

A first generation gamer at heart and tech buff by nature, have been involved in the tech sector for better part of a decade. With that insight and knowledge, he now covers blockchain, cryptocurrency and everything fintech so others can make sense of the industry.

Related News

Hot Stories

Dogecoin price analysis: DOGE ends retrace at $0.068, ready to drop further?
“Bitcoin Is Dead” Rant Is Spreading Online. How Did It Begin, And What It Means For Gnox (GNOX), Bitcoin (BTC) And Solana (SOL) Investors
CFTC drags South African to court over $1.7 billion scam
Uniswap price analysis: Bearish candlesticks stretch out on the price chart denoting loss up to $4.84
Bitcoin, Ethereum, eCash, and Klaytn Daily Price Analyses – 2 July Roundup

Follow Us

Industry News

Three Arrows files for Chapter 15 bankruptcy in New York
KuCoin boss denies halting withdrawals
Crypto plunges to its worst in 11 years
CoinFlex CEO announces a shift in withdrawal date
Three Arrows could be liquidated due to the crypto market's bearish streak