Crypto Rewards on Everyday Purchases Enters the Fold

The growth of the Bitcoin-back rewards trend continues with the Fold app, which recently announced that they had managed to raise $2.5 million from investors such as CoinShares and Craft Ventures in their first fundraising round as an independent startup.

Date: 
September 26, 2019
Read time: 
2 minutes

Crypto Rewards on Everyday Purchases Enters the Fold

Author: Dylan B
Date: 
September 26, 2019
Read time: 
2 minutes

The growth of the Bitcoin-back rewards trend continues with the Fold app, which recently announced that they had managed to raise $2.5 million from investors such as CoinShares and Craft Ventures in their first fundraising round as an independent startup.

The growth of the Bitcoin-back rewards trend continues with the Fold app, which recently announced that they had managed to raise $2.5 million from investors such as CoinShares and Craft Ventures in their first fundraising round as an independent startup.

Our new app gets you cashback in bitcoin and keeps your data private when you shop at retailers– this is great news for any fan of bitcoin, privacy or free money. (Fold’s CEO, Will Reeves)

The Fold app is a desktop app (with a mobile app said to launch next month) that utilizes the Bitcoin-lightning network and allows users to receive Bitcoin rewards in return for shopping at retailers that are listed with the app. The first round of capital listed above has gone towards adding fiat capabilities to their app. Users are now able to sync credit and debit cards to their app (rather than having to send Bitcoin to their Fold wallets), which can then be spent online or in-store to activate their rewards. 

This news was revealed in a company blog post published by Fold’s CEO, Will Reeves. Reeves has been speaking extensively about the new product and its capabilities, telling the Block: 

Our new app gets you cashback in bitcoin and keeps your data private when you shop at retailers– this is great news for any fan of bitcoin, privacy or free money. We are especially excited because Fold also marks the first payment and rewards application to use bitcoin’s lightning network, which makes using bitcoin instant and nearly seamless. The credit card network only sees a payment to Fold, and the retailer only sees a payment from Fold. Therefore, the [credit card] company does not know where the transaction took place or what was purchased and the retailer does not know the identity of the purchaser or payment details. You can think of Fold as an incognito mode for payment—we give you a burner payment code to use at retailers that lets you avoid sharing personal and payment details.

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While they are currently still working on developing the mobile application and improving the overall user experience, interested users are currently able to shop for Bitcoin rewards at popular companies such as Uber, Target, and Starbucks. 

The news of Fold’s unique business model follows on the heels of similar developments such as applications developed by Flexa and Lolli, which also helps to blend crypto with the retail industry. While this may be great for frequent shoppers, it is even more exciting for the crypto community as a whole as this type of integration and business growth points to stronger adoption and use down the road. The growing Bitcoin-back trend is yet another sign of acceptance and confidence in crypto as it is made more available for everyday people. 

Anyone interested in learning more about the Fold app or signing up for early access can do so on their website

Posted by Dylan B

Dylan Buckley is a writer based in California. He became interested in cryptocurrency upon discovering it in 2014 and soon started investing as well as writing for a wide variety of clients and crypto-startups in the space. When he is not producing content for individuals and businesses, he is typically working on his own self-development content or making music.

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