Fold Holdings, Inc. ($FLD), a publicly traded company specializing in Bitcoin financial services, has announced the expansion of its platform to all 50 states across the U.S. This significant development follows a strategic partnership with BitGo Bank & Trust, which recently secured one of the first federal bank charters from the Office of the Comptroller of the Currency (OCC). This milestone positions Fold as the first platform operating under a single federally supervised trust framework, effectively streamlining access to consumer Bitcoin services.
Previously, the company faced challenges due to state-by-state licensing and regulatory barriers that limited consumer access, particularly in stringent markets like New York. With the federal bank charter obtained by BitGo, Fold is now able to offer Bitcoin exchange and custody services across the entire nation, including regions that were historically difficult to enter.
CEO Will Reeves highlighted the significance of this nationwide availability. “BitGo B&T’s federal bank charter combined with Fold’s Bitcoin financial products gives the U.S. its first true national framework for Bitcoin access,” he stated. He explained that this shift replaces the previous complex network of state regulations with a clear, regulated structure, which facilitates growth for both companies while ensuring consumer protection.
The rollout of Fold’s consumer-focused products, such as the Bitcoin Gift Card™ and the anticipated Fold Bitcoin Credit Card™, will now reach previously underserved markets. The collaboration with BitGo empowers Fold with the necessary digital asset infrastructure through its Crypto-as-a-Service platform, enabling them to function within a federally compliant environment while continuously innovating in areas like rewards, payments, and custody services.
Frank Wang, Executive Director of Fintech Sales at BitGo, emphasized the importance of this partnership. He remarked, “Our conversion to a federal bank charter allows us to support consumer platforms at a national level, and Fold is a natural partner in that effort. Access has been limited by geography, but with a national framework, both companies can now operate as intended — responsibly and across the entire U.S.”
This partnership offers Fold the opportunity to capture a broader audience and align its consumer crypto services with federal standards. However, the collaboration also introduces a layer of dependency; any regulatory or operational challenges faced by BitGo could impact Fold’s nationwide offerings.
The company has begun onboarding users across the country, with additional details on product availability expected as the rollout continues.
