New Fold, Visa Partnership Allows Users to Spend Dollars, Earn BTC
Fintech startup Fold has announced a partnership with Visa allowing its users to spend dollars and earn bitcoin.
Fold CEO Will Reeves noted Visa will be providing the company financial support, as well as a dedicated team to bring the new bitcoin cash-back rewards card to market.
To date, the Fold app has allowed users to spend bitcoin or fiat at major retailers including Amazon, Starbucks, and Uber.
Fold users synchronize their accounts with either an existing credit card or Lightning wallet.
With the new Visa card, users will now be able to use their Fold cards to spend dollars and earn bitcoin.
“Other cards announced by major exchanges […] require you to spend your crypto triggering taxable events,” said Reeves.
“Our card enables you to spend dollars and earn Bitcoin.”
Earning rewards denominated in bitcoin is not taxable “as the bitcoin is not being sold.”
The recent partnership with Visa will allow the Fold card to be utilized at over 10 million merchants worldwide.
Recently, United States cryptocurrency exchange Coinbase announced a membership with Visa, promising its users a more familiar “legacy” interface to earn and access cryptocurrency.
In February, blockchain startup Socios launched an integrated membership and fiat-crypto prepaid debit card.
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