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With over 250,000 on Waitlist and 20,000 early cardholders, Fold Announces General Availability of Bitcoin Cashback Debit Card
SAN FRANCISCO–(BUSINESS WIRE)–May 27, 2021–
Fold, the top bitcoin rewards app, today announces a $13 million series A round to fuel its growth. Since its launch in 2019, Fold accrued a waitlist of over 250,000 waiting for access to their bitcoin cashback debit card. The round was led by Craft Ventures with participation from M13, Slow Ventures and Bessemer Venture Partners.
In addition, Fold is excited to open access to its bitcoin cashback debit card to all U.S. residents. Instead of offering points or airline miles typically found in most card programs, Fold provides bitcoin rewards through a gamified experience that emphasizes healthy financial habits. Fold Cardholders can earn variable rewards by spinning a rewards wheel after each qualifying purchase, like earning 100% of their purchase back in bitcoin, or even winning a whole bitcoin, which ten users have done to date.
“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.
Over 20,000 cardholders participated in the Fold Card early access program where nearly $100 million transacted since launch in November 2020.
“Will and the Fold team are transforming personal finance, making it more fun and more rewarding. People don’t want points they can’t price, transfer or easily redeem. People want Bitcoin,” said Brian Murray, Partner at Craft Ventures.
Fold will use capital to build out their rewards platform that will enable all credit and debit cards in the U.S. to offer their users bitcoin rewards. Additionally, Fold plans to offer a bitcoin rewards credit card in the second half of this year.
Meltem Demirors of CoinShares added, “Since their launch, Fold has given out bitcoin rewards to over 100,000 unique users. While some ‘crypto’ companies focus on number go up, Fold is laser focused on number of users go up. Consumers from all walks of life can easily earn bitcoin when they spend cash, which is driving a revolution in consumer finance by converting fiat spenders into bitcoin savers.”
To learn more about Fold and sign up for the Fold Card, visit foldapp.com
Fold offers bitcoin cashback via its Visa debit card and mobile application. Fold enables its customers to earn bitcoin on everything they do: spending, saving and investing. Cardholders can win up to 100% back on every purchase, or even a whole bitcoin.
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