US startup Fold has joined the Visa Fast Track Program and will develop a new card that will allow its users to earn bitcoin rewards every time they make a purchase . The system will be the same as traditional points that credit cards have long offered, although buyers will now receive between 1% and 2% of their payments in the form of BTC.
According to the initiative's presentation report, those who are interested in the new Visa card must finance it through a bank account before starting to use it . In addition, they stressed that there will be no extra charges for using the card .
"A lot of people say, 'What's good about Bitcoin instead of regular rewards?' My answer is that Bitcoin retains the freedom and flexibility of cash, while giving you the advantage of a high-yielding asset, ”said Will Reeves , CEO of Fold.
Lastly, the firm noted that the rewards paid in BTC will be based on the market rates updated at the time of the transaction, so they are subject to its volatility . Once received, users will be able to transfer their profit to a crypto wallet or spend it in the retail market from the Fold app.
Cryptocurrencies continue to grow in the global financial system, and their presence in small and medium trade is increasing. Fold's new project hopes to be in wide demand, leading many users to venture into the crypto ecosystem .