Fold will issue a Visa debit card with bitcoin cashback
Fold said it was the first participant in Viste Fintech Fast Track initiative from the cryptographic industry. Visa has launched this program to accelerate integration with blockchain startups.
According to Fold CEO Will Reeves, in order to participate in the program the company has passed a "serious test" on financial performance, marketing plan and business sustainability.
He said the new debit card will be released in the third quarter. A waiting list has now been opened for interested users to register.
Fold currently allows users to receive up to 20 % of bitcoins cashback when they buy partner gift cards, such as Starbucks, Uber and Target. With the new debit card, users will be able to receive cryptocurrency by paying for their purchases in dollars.
Last autumn the company attracted US$2.5 million in funding, which made it possible to abandon the Thesis project.