The Fold App is a Bitcoin payment app that allows users to purchase goods such as clothes and food with bitcoin and earn some rewards for using the app. According to press, the company has just added a fiat capability feature after raising $2.5 million from prominent investors.
The seed round was backed up by multiple investors including Slow Ventures, Craft Ventures and CoinShares. After the successful raise, Fold is introducing a new version of its mobile app for users with credit and debit card support.
This is what the product lead of Fold, Mr. Will Reeves said regarding the addition:
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.
What the app can do right now is be connected to any debit card for bitcoin-back on normal purchases via the Fold App, or users can themselves send bitcoin to the app from their own wallets. While the app is available for mobile use, it will also become available for desktop use. The launch of the new upgrade is scheduled for October.
The Fold App is focused mostly on lightning payments, as the app is integrated with Breez and BlueWallet, both of which are lightning-friendly wallets. The lightning network boasts features such as instant payment, cost-efficient micro transactions, instant final settlement and more.
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