In a press release, the cryptocurrency company announced its partnership with Stripe and Visa to promote its new Bitcoin Rewards Credit Card. The card is issued with Visa and Stripe. Fold revealed that the card will allow users to accumulate BTC with each purchase, thus providing them with the opportunity to build wealth over the long term.
Fold is joining other cryptocurrency companies, such as Gemini, that have already launched similar credit cards for their customers. WLFI, backed by Trump, aims to launch a debit card integrated with Apple Pay.
Meanwhile, Fold highlighted the benefits that its users receive by using the Bitcoin Rewards Credit Card, including up to 3.5% cashback on every purchase. The firm also revealed that its cardholders can earn up to 10% cashback with brands in its rewards network, such as Amazon, Target, Home Depot, and Uber Eats, among others.
Sateesh Kumar Srinivasan, Stripe executive, noted that their new consumer issuance product is designed to empower clients like Fold who want to introduce new products to the market without the complexities of managing their own program. It is worth noting that Stripe also helped Shopify integrate USDC payments into their platform.
TradingView data shows that Fold's shares have declined following the launch of the Bitcoin Rewards Credit Card. FLD shares are currently trading around $3.24, a 15% decrease from yesterday's closing price of about $3.88.
