Visa and Fold combine Bitcoin rewards with a credit card

The American payment giant Visa has just formalized a partnership extension signed with Fold, a Bitcoin rewards and financial services specialist. Their joint work will lead to the launch of the Fold Bitcoin Rewards credit card, which aims to disrupt traditional cashback or point programs.

FACTS

• The credit card Fold Bitcoin Rewards is presented as a standard credit card whose particularity stems from its association with benefits and rewards in Bitcoin.

• The map will propose two levels of membership:
  • Fold members will earn 1.5% Bitcoin rewards and up to $100 bonus,
  • Fold+ members will benefit from exclusive benefits, including 2% Bitcoin rewards, up to $250 bonus and access to a premium metal card.

• Cardholders will also be able to exchange bitcoins free of charge, access transactional accounts provided by the FDIC and benefit from exclusive offers and bonuses from trading partners.

• Consumers can register today to join the waiting list and benefit from early access to the service.

ISSUES

• Strengthening an existing partnership : Fold proposed Already its Bitcoin Rewards debit card with Visa since November 2020. This card allowed users to spend in dollars while receiving rewards in Bitcoin as cashback. Their new partnership therefore represents an extension of their common offer.

• Capitalizing on existing Fold's debit cards have over 600,000 users and have processed more than $2.5 billion in transactions. Fold has already distributed nearly $75 million in Bitcoin rewards to its debit card users.

PERSPECTIVE

• In addition to its rapprochement with Visa, Fold announced its intention to enter the stock exchange. In July 2024, the company revealed its proposed merger with FTAC Emerald Acquisition Corp., a specific purpose acquisition company (SPAC), valued Fold at $365 million before the transaction.

• Through this rapprochement with Fold, Visa confirms its continuing interest in the digital currency market. The American scheme has been working on its positioning on the subject for years, multiplying initiatives (in 2020 and 2021) in respect of MNBC in particular.

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