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Fold app partners with Visa to offer a new Bitcoin cash-back rewards card

Image by Republica from Pixabay

Mon, 13 Apr 2020, 03:23 am UTC

The Fold-app, a lightning-compatible mobile app is bringing a new Visa Bitcoin rewards card.

The Fold app has officially joined Visa’s Fintech Fast Track Program, Cointelegraph reported. Will Reeves, CEO at Fold, announced that Visa will be providing them financial support and a dedicated team to help them bring the new Bitcoin cash-back rewards card to the market.

“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 told Cointelegraph.

At present, users can use the Fold app to spend Bitcoin for fiat at major retail stores including Amazon, Uber, and Starbucks. However, it requires them to sync their accounts with an existing credit card or Lightning wallet.

In its new offering with Visa, users can use integrated service. Also, every time customers use it, they will earn rewards in Bitcoin which doesn’t trigger a taxable event because “Bitcoin is not being sold.” The new Visa card will be accepted at over 10 million merchants across the globe.

Meanwhile, just recently, crypto exchange Binance also announced its Visa card. The Binance Card is so much more than a regular payment card because it works like a regular debit card issued by the bank. Users can top-up the card with funds through Binance Card App in the form of Bitcoin or BNB.

The Binance Card also issued by Visa is accepted by over 46 million merchants offline and online in 200 regions and territories. The card aims to make shopping and paying with crypto convenient.

Also, crypto exchange Coinbase has announced that its customers can now add their Coinbase Card to Google Pay. In this way, Coinbase Card customers will get to enjoy a fast and secure payment method through their smartphones, smartwatches and other Google Pay-enabled devices.

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