Nasdaq -noted fold (FLD) said it was along with stripe and visa (V) To launch its first Bitcoin-Kun reward credit card, giving users a simple way to stack SAT’s on everyday purchase.
Fold the Bitcoin credit card runs on Visa’s network and uses Stripe issuing infrastructure, the company said in the press release on Tuesday.
Fold shares were 10% lower at publication time and traded $ 3.49.
Cardholders earn 2% back in Bitcoin right away, with an extra 1.5% boost available when paying purchases via a folding check account with qualified activity.
Fold says shoppers can also earn up to 10% back with the best retail partners including Amazon, Target, Home Depot, Starbucks and Uber.
Our credit card offers clear and compelling value and makes Bitcoin easily accessible to everyone, ”said Will Reeves, Fold’s CEO and founder in the release.
“There are no categories to manage, no symbols for efforts, no exchange account or balance requirements; just real Bitcoin that was automatically earned with each purchase,” Reeves added.
Stripe called the partnership a milestone for its new consumer card issuing product, designed to let Fintechs bring innovative payment tools to the market without managing their own infrastructure.
Visa’s Crypto Lead Cuy Sheffield said the collaboration gives consumers “a safe, simple way to earn Bitcoin when they shop.”
Fold, which already offers a Bitcoin payment card, exchange and gift card program, has processed over $ 3.1 billion in transactions and distributed more than $ 83 million in Bitcoin rewards to date.
The credit card, says the company, is the next step in building a full series of Bitcoin native financial services.
Fold holds almost 1,500 bitcoin in its treasury.
Read more: FOLD HOLDS FALLING 7% Upon delay in Bitcoin Rewards Credit Card
