A Visa debit card launched by Fold, an application to spend Bitcoin

A Visa debit card launched by Fold, an application to spend Bitcoin

By DZCRYPTO | DZ CRYPTO | 14 Apr 2020

Famous for its cashback system that rewards the Bitcoin spending made through its application, Fold has just announced its membership in Visa's Fast Track program. 

The latter aims to enable young companies to benefit from rapid integration into the VisaNet payment network. 

Thanks to this program, a Visa debit card will soon be available to users of the Fold application.

Visa Fold card to pay in Bitcoin and fiat money


It was through a press release that Fold recently announced that it had joined Visa's Fintech Fast Track program.

 The startup specifies that its users will soon be able to use a Visa card to make purchases in fiat money and earn cashbacks in Bitcoin for each payment.

 In September 2019, the application began by allowing its users to link their bank cards, so that they can spend both fiat money and Bitcoin, and receive in return up to 20% cashback in bitcoins.

Fold is initially a crypto-payment application that is integrated at the merchant level. 

It benefits from the Lightning Network, which was developed on the Bitcoin protocol, in order to speed up transaction times and reduce costs.

 Currently, many retailers like Amazon, Starbucks, Uber and Hotels.com accept this Bitcoin payment solution.

In addition, Terry Angelos, the global director of Fintech at Visa, specifies that the Fast Track program will make it possible to offer new resources, in order to facilitate the evolution of fast-growing startups like Fold. 

These companies will thus benefit from the resources of the giant in the payment sector, as well as its expertise and technologies.

Cashback in Bitcoins for all expenses with Fold


Thanks to the next Visa card that will be launched by Fold, all users will be able to start building up a Bitcoin credit. Will Reeves, CEO of Fold, specifies that all of the daily expenses with this Visa card will now allow you to receive rewards in Bitcoin. The application will allow anyone to easily build their first balance in BTC.

Unlike the crypto cards of platforms like Coinbase, that of Fold will indeed allow you to also spend fiat, while being rewarded in Bitcoin. Meltem Demirors, the founder of CoinShares who recently invested in Fold, also specifies that this next card could especially be used by users to keep Bitcoins. 

Moreover, the BTC cashbacks that will be received for each expense with this card can be transferred to a crypto wallet or used as a balance on the application.

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