A new Visa-backed card offers users the prospect of earning rewards in the form of Bitcoin (BTC) instead of traditional reward points. The startup behind the app – Fold – has joined the Visa Fast Track Program to make such an arrangement possible.
Earn Bitcoin for Using Fold Payment Card
In a bid to promote the use of cryptocurrencies among the mainstream, U.S.-based crypto startup Fold has introduced a new Visa card that enables users to receive 1 to 2 percent of payment made back in the form of Bitcoin (BTC).
The startup, which unveiled the product on April 9, believes that there will be a healthy demand for its newly launched card as it introduces a novel offering to the market in the form of a card that lets its users spend cash and earn cryptocurrency in return.
The startup added that those interested in using the product must first fund the card via a bank account before using it and receiving rewards in the form of BTC. The card will be particularly attractive to people who want to hold cryptocurrencies rather than spend it. Further, there is no fees involved for using the card, the report adds.
Will Reeves, CEO, Fold, believes that despite the novelty of the idea of cryptocurrency rewards, it is something that will soon catch on in the market. He said:
“A lot of people say, ‘what’s so great about Bitcoin rather than regular rewards?’ My answer is Bitcoin preserves the freedom and flexibility of cash, while giving you the upside of a high performing asset.”
Notably, the rewards thus paid out in the form of Bitcoin will be based on prevailing market rates at the time of transaction. Fold users can choose to transfer the BTC they accrue to a cryptocurrency wallet, or spend it with retailers within Fold’s app, or simply HODL it.
Crypto-Based Cards Becoming Increasingly Popular
Despite the notorious price volatility of digital assets, crypto startups are not shying away from embracing these new-age assets to increase their market footprint.
one of the world’s most popular cryptocurrency wallet providers has announced the launch of the first-ever multi-currency accounts.
The new multi-currency accounts allow cryptocurrency holders to quickly exchange between fiat and cryptocurrencies as well as enabling users to spend their virtual currencies using highly functional contactless debit cards.
Presently, Wirex is the only company in Europe to allow spending in cash, converted from bitcoin.
That’s not all; Wirex has now taken another giant leap in the right direction by integrating its debit cards in Sterling, Euro, and American dollar accounts.
With the new Wirex payment solutions, holders of blockchain money now have a better option than using the snail-paced and cumbersome cryptocurrency exchanges
As reported ,how San Francisco-based exchange had become the first pure-play cryptocurrency firm to receive Visa membership.
In a recent announcement, San Francisco-based digital currency exchange Coinbase stated that it had become the first cryptocurrency firm in the world to be approved as a Visa principal member. Notably, the Visa membership will enable Coinbase to bring further improvements to its customer experience, subsequently making it easier for customers to spend digital currencies for routine purposes.
For the uninitiated, Coinbase’s fling with Visa began in April last year when the cryptocurrency exchange joined forces with fintech firm Paysafe to launch the Coinbase Visa debit card. Later in the year, in November, the cryptocurrency card added support for a slew of digital currencies including Ripple (XRP), Stellar (XLM), Basic Attention Token (BAT), REP, and 0 protocol (ZRX).
Today, the Coinbase crypto card is available to customers in 29 countries across the world. Citizens of these countries can spend as many as ten cryptocurrencies in millions of merchant locations, the blog post reads.