Fold, a company listed on Nasdaq under the ticker FLD, has announced a strategic partnership with Stripe and Visa to introduce a pioneering bitcoin-only rewards credit card. This new card is designed to offer users a straightforward way to accumulate bitcoin through everyday purchases.
According to a press release issued on Tuesday, the Fold Bitcoin Credit Card will operate on Visa’s global network, utilizing the infrastructure provided by Stripe Issuing. This announcement comes as Fold’s shares experienced a decline of 10%, trading at $3.49 at the time of the release.
The credit card will enable cardholders to earn a cashback of 2% in bitcoin for all transactions immediately. Additionally, users can receive an extra 1.5% bonus when they pay off their purchases through a Fold Checking Account with qualifying activities. Fold has aligned with several major retailers, enabling customers to earn as much as 10% back at popular outlets like Amazon, Target, Home Depot, Starbucks, and Uber.
Will Reeves, the CEO and founder of Fold, emphasized the card’s value proposition, noting its accessibility and ease of use. “Our credit card offers clear and compelling value and makes bitcoin easily accessible to everyone,” he stated. Reeves elaborated that there are no complicated categories to manage, no tokens to stake, and no requirements for managing exchange accounts or balances; users can simply earn real bitcoin automatically with each transaction.
Stripe highlighted this partnership as a significant achievement for its new consumer card-issuing product, which aims to help fintech companies introduce innovative payment solutions without the headache of managing their own infrastructure. Cuy Sheffield, Visa’s head of crypto, remarked that the collaboration provides consumers with “a safe, simple way to earn bitcoin as they shop.”
Fold, which has already established a presence with its bitcoin debit card, exchange, and gift card program, has processed over $3.1 billion in transactions and has provided more than $83 million in bitcoin rewards to its users. The introduction of the credit card represents a new phase in Fold’s mission to develop a comprehensive suite of bitcoin-native financial services. Additionally, the company currently holds nearly 1,500 bitcoin in its treasury, showcasing its commitment to the cryptocurrency space.
