Lightning network based remittance supporting mobile app Fold, which rewards its customers with Bitcoin (BTC) for making purchases, become a member of Visa’s Fintech Fast Track Program.
By enrolling as a member, the app will be able to unveil a new Visa co-branded card, while continuing its Bitcoin reward program.
Fold’s CEO Will Reeves stated that Visa would offer the company with financial assistance and a devoted group to introduce the latest Bitcoin cash-back program in the market.
The Fold app, so far, has been facilitating its users to pay in Bitcoin or fiat while shopping at top retailers such as Amazon, Starbucks and Uber, mandating synchronization of their accounts with a prevailing credit card or Lightning wallet.
The partnership with Visa will facilitate the company’s clients to utilize an integrated facility.
As key industry players are studying the feasibility of several crypto debit cards, Reeves made Fold unique as explained below:
“Other cards announced by major exchanges […] require you to spend your crypto triggering taxable events. Our card enables you to spend dollars and earn Bitcoin.”
Reeves explained that receiving rewards in the form of Bitcoin avoids tax payment “as Bitcoin is not sold.” The card will be operational at more than 10 million vendors across the globe.
Crypto debit card offerings are diversifying with range of products, and the partnership between US cryptocurrency exchange Coinbase is one such illustration of the evolving trend.
Two months before, blockchain promoter and sport fan token venture Socios rolled out an integrated membership offering fiat-crypto prepaid debit card, in addition to blockchain powered global ID feature.
In the meantime, enterprises such as Amazon are yet to start supporting cryptos, offering an opportunity to ventures giving away crypto rewards or prepaid gift cards to fill the void between the numero uno crypto and ecommerce platform such as Amazon.
