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Fold App, an independent startup that enables people to use Bitcoin Lightning Network, has raised $2.5 million and added a fiat currency payment option.
As per a blog post, app users can now spend fiat or bitcoin at online and in-store retailers by synching their credit card or lightning wallet. Every purchase will enable users to receive up to 20% cashback in bitcoin instantly, which can either be spent or withdrawn via an on-chain address.
We're excited to announce the new Fold. Now, you can #stacksats when you spend fiat or bitcoin at Amazon, Uber, Starbucks, https://t.co/piFqtHhM8e and many more on iOS and Android! Get on the list and RT for a guaranteed spot and up to 100k sats! https://t.co/tjyNaw26Vc pic.twitter.com/dvaYSzhmPC
— Fold ???? (@fold_app) September 25, 2019
“Our new app gets you cashback in bitcoin and keeps your data private when you shop at retailers – this is great news for any fan of bitcoin, privacy or free money. We are especially excited because Fold also marks the first payment and rewards application to use bitcoin’s lightning network, which makes using bitcoin instant and nearly seamless,” Fold CEO Will Reeves told The Block.
Fold, which is a spun out of Thesis, has allowed users to stack sats when buying using fiat and Bitcoin at major retailers like Amazon, Uber, Starbucks, and Hotels.com.
Notably, Fold facilitates payments on behalf of its users, offering additional privacy features. Reeves explained that both credit card companies and retailers will only see a payment to and from Fold.
“Therefore, the [credit card] company does not know where the transaction took place or what was purchased and the retailer does not know the identity of the purchaser or payment details,” he said, further describing Fold as an incognito mode for payment.
Speaking to CoinDesk, he revealed that Fold will soon introduce subscription options for merchants and consumers and support withdrawal BTC rewards directly to lightning.
A mobile Fold App is expected to be rolled out next month. Currently, the application is available on the company’s website for early access.
The funding round was led by Craft Ventures and joined by Goldcrest Capital, Slow Ventures, Fulgur Ventures, and Coinshares.
However, Fold is not the first company to reward its users. Bitcoin rewards shopping Lolli has recently formed partnerships with major booking service Hotels.com and American pet retailer Petco to allow their respective customers to earn bitcoin back from their purchases.
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