Startup Fold launches its Visa-backed BTC Rewards card and receives rewards for spending dollars in Bitcoin

“Spend dollars (USD) and get rewards in Bitcoin ”seems to be the startup’s motto wrinkles when presenting your card BTC Visa supported rewards. Founder Will Reeves said it will be delivered in July and there is a waiting list

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wrinkles, the payments start with Bitcoins announced that the card wrinkles With Bitcoin rewards (BTC) for U.S. dollars spent, shipping begins in July. This has been reported by the media Coindeskciting the founder of wrinklesWill Reeves, who added that the waiting list is now open.

The goal of this new card is “Meet consumers where they areSaid Reeves. And added: “Give users the opportunity to collect and use Bitcoin in their daily lives“”

Was in July 2019 DailyBitcoin has already reported this wrinkles allowed to win Bitcoin rewards With Fold the app for mobile purchases in Aim, Starbucks, Amazon and other. Five months earlier, in February, the cryptocurrency startup had launched a portal to buy pizza domino With Lightning network, also checked by our media.

Fold starts card Bitcoin supported by visa

According to the founder of wrinklesWill Reeves, an email survey of approximately 30,000 card users, found that 90 percent “would change the cost of your existing cardFrom a card with rewards from Bitcoin (BTC) for dollars spent.

“”You manage everything in yourself [la aplicación Fold], Your card details, your rewardsReeves said in an interview. “”We can send it to your wallet [Bitcoin] of choice. … you don’t have to wait to accumulate too much [Bitcoin]“”

The middle Blockonomi said the card offers cashback rewards Bitcoin in the range of 1 to 2 percent for purchases in USD.

Wrinkles are not alone

Depending on the medium CoinDeskbeautiful There are several companies that offer Visa cards for that Bitcoiner can issue cryptocurrency in dollars, contain Coinbase. There are also options that you can buy with most reward cards on the desktop Bitcoin, with the Lolli Browser Plugin. This is a company that has in the past joined important companies such as Alibabá and Udemy.

Both Lolli and Fold the app They have seen a dramatic surge in online purchases of essential items and home appliances since the coronavirus crisis hit the United States, he said. CoinDesk. Users of wrinkles Buy more gift cards for Amazon y targetwhile Lolli buyers spend more Sam’s Club, Vitacost, Best Buy y Newegg, according to the communications director of LolliAubrey Strobel.

“”We noticed an increase in volume during the monthReeves said about the 24,000 transactions made by users of wrinkles in the first quarter of 2020. This corresponds to an increase of 110% compared to the fourth quarter of 2019 with “Thousands of new users“”

Generally, businesses that help retail users accumulate Bitcoins generally performed well in the market crisis.

Visa Fintech Fast Track

One of the biggest reward developments in Bitcoin So far, it has occurred as part of the integration of wrinkles to the program Fast lane from Fintech visa.

According to the media, this program helps young companies to use the payment center’s financial infrastructure more effectively. When the program arrived in the US last summer visa He explained it:

Fast Track aims to accelerate the Visa integration process to enable agile startups to more easily use the reach, capabilities and security of VisaNet, the company’s global payment network, to help fintech companies scale faster.

Win philosophy, don’t spend

The double investor Meltem Demirors once owned one of the first cards connected to it Bitcoin, a debit card shift output Bitcoin. Demirors said at the time that the new product from wrinkles it’s unique because The card enables people to make money instead of spending money Bitcoinsquoted the medium Coindesk.

“”Capital gains [impuestos] For [el gasto] You are a shameDemirors said. “”I have spent [dólares] non-stop with wrinkles“”

As commented at the beginning, Users can now purchase directly from the app and earn rewards for use Lightning networkFor example, while waiting for the program visa to be implemented later this year.

However Most seem to prefer spending dollars on rewards from Bitcoin. The average transaction size in the first quarter of 2020 was $ 55, according to Reeves.

Future competition

wrinkles certainly not the last team dealing with credit cards Bitcoinsaid CoinDesk. When asked whether the exchange Octopus explored a program Visa card how Coinbase or wrinkles, the strategist of Bitcoins of OctopusPierre Rochard replied: “We always strive to serve our customers better“”

NFL player and investor in Wrinkles, Russell Okung said in a press release that the Visa card wrinkles now “This is an important step towards the widespread introduction of Bitcoin“” In the press release, the global director of Fintech from visaTerry Angelos said that wrinkles joined a program that “Unparalleled access to Visa experts, technology and resources“”

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Sources: CoinDesk, Blockonomi, Archive of DailyBitcoin.

Report by Arnaldo Ochoa / DailyBitcoin.

Image from Pixabay