Fold Raises $13 Million to Launch Bitcoin Cashback Debit Card
- Fold will use the funding to build out infrastructure that enables all U.S. credit and debit cards to offer BTC rewards.
- A bitcoin rewards credit card is expected to launch i nthe second half of 2021.
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Fold’s $13 million Series A round was led by Craft Ventures, with participation from M13, Slow Ventures, and Bessemer Venture Partners. The new funding will be used to fuel the company’s growth in the U.S. and launch additional products, Fold said in a press release on 27 May. The firm will work on building out its rewards platform to eventually enable all credit and debit cards in the U.S. to offer their users bitcoin rewards. Additionally, the company plans on launching a bitcoin rewards credit card in the second half of this year.
“We’ve pioneered bitcoin rewards to make bitcoin accessible to everyone. Between the appreciation of bitcoin and our generous rewards, people have earned more money in their Fold rewards account over the last few months than they have in the savings accounts they’ve been building for years,” said Fold CEO, Will Reeves.
The company provides rewards in BTC through a gamified experience after each qualifying purchase. Over 20,000 cardholders have participated in the Fold Card early access program so far, with the platform processing nearly $100 million in transactions since November 2020.
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