Fold (FLD) listed in NASDAQ states that it is working with Stripe and Visa (V) to launch the first Bitcoin-only reward credit card, offering an easy way for users to stack SATs on their daily purchases.
The Fold Bitcoin credit card runs on Visa’s network and uses the infrastructure of Stripe Issing, the company said in a press release Tuesday.
Folding stock traded $3.49, 10% lower at publication.
Cardholders will instantly earn 2% in Bitcoin and will receive an additional 1.5% boost if they repay their purchases via folding customers with qualified activities.
According to Fold, shoppers can earn up to 10% of their money with top retail partners like Amazon, Target, Home Depot, Starbucks and Uber.
Our credit cards provide clear and compelling value and make Bitcoin easy to access by anyone,” said Will Reeves, CEO and founder of Fold.
“There are no categories to manage, no tokens to stake, no exchange accounts or balance requirements. I got it automatically with every purchase, with only actual Bitcoin,” added Reeves.
Stripe is known as a milestone in new consumer card issuing products designed to allow FinTechs to provide innovative payment tools to the market without managing their own infrastructure.
Visa’s Crypto Lead Cuy Sheffield said the collaboration will give consumers “a safe and easy way to win Bitcoin when they shop.”
Fold, which already offers Bitcoin debit cards, exchanges and gift card programs, has processed more than $3.1 billion in transactions and has distributed over $83 million in Bitcoin rewards to date.
According to the company, credit cards are the next step to building a complete suite of Bitcoin-native financial services.
Fold holds almost 1,500 Bitcoins in the Treasury Department.
read more: Folding stocks drop 7% with delays in Bitcoin Rewards Credit Card
