Visa Fintech Fast Track program has integrated the Bitcoin payments app, Fold, on its network, enabling the launch of a Visa debit card.
The start-up payment app said it was the first crypto company to be adopted on Visa’s fast track program. And the partnership would allow its users to earn bitcoin (BTC) cashback rewards while spending US dollars.
— Fold 🙌 (@fold_app) April 9, 2020
According to the announcement, users can get up to 10% of cash purchases made with the card credited back in BTC.
Fold CEO, Will Reeves, stated that the new initiative would bring a wave of consumers to the Fold platform.
“People are not interested in spending Bitcoin right now, but are interested in accumulating it,” Reeves said. “If people don’t understand Bitcoin as money yet, they certainly will understand it as a better reward.”
Visa SVP and global head of fintech, Terry Angelos, said, “By joining Visa’s Fast Track program, Fold gains unprecedented access to Visa experts, technology, and resources.”
“Fast Track lets us provide new resources that rapidly growing companies need to scale with efficiency,” he added.
Fold’s other tie-ups
Fold, the Lightning-compatible mobile app, already has tie-ups with prominent players in the retail industry, such as Starbucks, Uber, and Amazon. It offers users the chance to spend fiat or BTC by linking their accounts with a Lightning wallet or a credit card.
Reeves noted that the new Visa offering would enable the same users to utilize the integrated service. Slated for release in Q3, Fold has started a waitlist feature to allow users to evince their interest by registering for it. Moreover, when the card comes out, users will be able to use it with an estimated 10 million merchants.
“Other cards announced by major exchanges require you to spend your crypto triggering taxable events. Our card enables you to spend dollars and earn bitcoin,” the Fold CEO said. He added that the rewards will not attract any taxes as it did not involve BTC sales.
Fold currently allows users to earn up to 20% BTC cashback rewards when purchasing and using gift cards from Starbucks, Uber, and Target.
Crypto debit card isn’t new
Visa has been partnering with several crypto platforms of late. Recently Coinbase and Visa announced the Coinbase Card, which allows users to spend BTC using the Visa debit card. Other exchanges, such as Crypto.com and Binance, have also announced their debit cards. Besides, in February, blockchain-based and sports fans token project, Socios disclosed launching a fiat-crypto integrated membership debit card.