Fold Holdings, a leading Bitcoin financial services company, has announced an impactful collaboration with Visa and Stripe to introduce the Fold Bitcoin Rewards Credit Card. This innovative product aims to enhance the accessibility of earning Bitcoin through everyday purchases by utilizing Visa’s extensive global payment network and Stripe’s advanced issuing infrastructure.
The Fold Bitcoin Credit Card promises attractive rewards for cardholders, offering up to 3.5% back on purchases. Customers will see an instant return of 2% in Bitcoin, with the potential to earn an additional 1.5% when they pay off their purchases using Fold’s checking account. Additionally, cardholders can garner as much as 10% cash back at select partner merchants, which include major retailers such as Amazon, Target, Home Depot, Uber, and Starbucks, among others.
Emphasizing the simplicity and transparency of their rewards system, Fold’s approach is distinct in that it operates entirely on a Bitcoin basis, devoid of token lock-ins, staking requirements, or convoluted redemption processes. Will Reeves, the Chairman and CEO of Fold, expressed confidence in the new credit card, highlighting its straightforward value proposition that makes Bitcoin readily attainable for all consumers. He noted, “With Stripe’s infrastructure and Visa’s global reach, we can finally deliver it at scale.”
The partnership reflects Stripe’s capacity to facilitate the launch of financial products, allowing companies like Fold to bring their offerings to market without direct management burdens. Sateesh Kumar Srinivasan, Stripe’s head of money management, underscored this collaboration as a pivotal demonstration of their capabilities.
Visa’s Head of Crypto, Cuy Sheffield, echoed this sentiment, stating that the collaboration provides a secure and uncomplicated means for consumers to earn Bitcoin while shopping. The credit card complements Fold’s existing ecosystem, which already includes a Bitcoin debit card, an exchange, and a gift card program. Earlier this year, Fold introduced its Fold Bitcoin Gift Card as an efficient option for individuals wishing to buy or gift Bitcoin seamlessly.
Fold has achieved significant traction in the market, processing over $3.1 billion in transaction volume and distributing more than $83 million in Bitcoin rewards to its users. The company has also made strides toward public listing and regulatory compliance, having filed an S-4 with the U.S. Securities and Exchange Commission in October 2024, followed by a Nasdaq bell-ringing ceremony in May.
In addition to the new credit card, Visa and Stripe are also making significant moves into the crypto payments sector amid the rising adoption of stablecoins. Cuy Sheffield indicated that Visa views stablecoins as complementary to its business model rather than a threat, noting the market’s impressive growth of 62% within the past year to reach $269 billion, with projections of expanding to $2 trillion in the next three years. Visa has already facilitated over $200 million in stablecoin settlements and is partnering with banks and fintech companies on token issuance.
Stripe is also advancing in the blockchain space with the recent launch of Tempo, a payments-focused Layer 1 blockchain developed in collaboration with the crypto venture capital firm Paradigm. Designed to process over 100,000 transactions per second, Tempo aims to simplify transactions for institutions by employing fiat-denominated fees, thereby minimizing friction.
As both Visa and Stripe push forward into the integration of stablecoins and improved payment infrastructures, they are paving the way for broader acceptance of cryptocurrency in everyday transactions, a remarkable shift in the financial landscape.
