The Fold app — a Lightning-compatible mobile app that offers users Bitcoin rewards while shopping — has joined Visa’s Fintech Fast Track Program (FFTP), according to cointelegraph.com.
The fintech is the first crypto-related company to gain admission into the program. Under the FFTP, Visa allows fintech companies to accelerate their integration with the payments card scheme.
Joining the program will enable the app to launch a new Visa co-branded card, which continues the offer of Bitcoin rewards for purchases made at retailers.
Speaking to Cointelegraph, Fold’s CEO Will Reeves said that Visa would be providing the company with financial support and a dedicated team to bring the new Bitcoin cash-back rewards card to market.
As reported, the Fold app has so far been offering users the ability to spend Bitcoin or fiat at major retailers such as Amazon, Uber and Starbucks, requiring them to synchronize their accounts either with an existing credit card or Lightning wallet.
The new offering with Visa will enable the firm’s users to use an integrated service. At a time when multiple major industry players are exploring the possibilities of various crypto debit cards, Reeves distinguished Fold’s as follows:
“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 clarified that earning rewards denominated in Bitcoin does not trigger a taxable event “as the Bitcoin is not being sold.” The card will be functional at over 10 million merchants worldwide.
„Tendinţele pe care le-am remarcat înainte de începerea pandemiei s-au accelerat pe perioada stării de urgenţă. Am văzut acest lucru ca o oportunitate, un tipping point pentru bancă. Post-pandemie nu avem cum sa ne întoarcem la comportamentul financiar pe care îl aveam până în februarie a.c. Relaţia românilor cu online-ul s-a schimbat. In plus, cardul fizic se va dematerializa. Vom asista la o scădere a cererii pentru cardurile fizice, respectiv la o creştere a preferinţei pentru componenta digitală a acestora.”