Fold, a popular Bitcoin reward app has raised $13 million in a Series A funding round. The funding round was led by Craft Ventures with participation from M13, Slow Ventures, and Bessemer Venture Partners. Fold offers its customers rewards in Bitcoin against card payments instead of traditional points, airplane miles, or cash rewards.
Fold CEO, Will Reeves said,
“We’ve pioneered bitcoin rewards to make bitcoin accessible to everyone. Between the appreciation of bitcoin and our generous rewards, people have earned more money in their Fold rewards account over the last few months than they have in the savings accounts they’ve been building for years,”
The popular Bitcoin reward app was launched back in 2019 and since then more than 250,000 customers have been on the waiting list. Currently, 20,000 people who participated in the early access program are availing the Bitcoin debit card service with bitcoin rewards, and these 20,000 uses have transacted over $100 million since the launch of the Debit card in November 2020.
Fold Aims to Launch Bitcoin Credit Card by Second Half of 2021
The firm will utilize the newly raised capital to expand its Bitcoin reward system to all US customers using a credit card or debit card. The Fold App also aims to launch a Bitcoin credit card quite similar to its debit card offering by the second half of this year.
Fold has become quite popular for its Bitcoin rewards over traditional reward on debit card expenditures and since its launch, it has offered bitcoin rewards to over 100,000 unique users.
Crypto rewards have become quite popular among users and many other crypto platforms and exchanges are increasingly partnering with different debit and credit card networks to offer such rewards. The most recent being Gemini Exchange that partnered with MasterCard to offer crypto rewards to millions of users.