SAN FRANCISCO, Nov. 25, 2019 /PRNewswire-PRWeb/ -- Fold, the app that gets you bitcoin cashback while shopping, announced general availability for all iOS and Android users, and the addition of Airbnb, Sephora and Domino's to the Fold platform. The company also launched its '₿lack Friday' campaign - giving the nearly 150mm shoppers that participate in the annual shopping bonanza a chance to earn their first bitcoin. Fold recently raised $2.5M seed round from Craft Ventures, CoinShares, Slow Ventures, Goldcrest Capital, Fulgur Ventures, Thesis and others.
When users shop with Fold at merchants like Amazon, Starbucks, Delta or Target, they will instantly earn bitcoin rewards (up to 20%) on every purchase. Users can spend these rewards on their next purchase, save for later use, or withdraw to a personal wallet. Fold is promoting a '₿lack Friday' campaign to give shoppers the highest cashback (5-10%) available at popular stores like Amazon, Target, Best Buy, Uber and more.
"Our new app makes it easy to earn your first bitcoin whether you're shopping on Black Friday or buying your everyday cup of coffee! Already, Fold has processed around a quarter million dollars in payments for retailers and distributed over $20,000 in bitcoin to users." says Will Reeves, CEO of Fold. "We project that this Black Friday will set the record for the most Bitcoin cashback rewards distributed in a single day."
The Fold app is designed so that when users pay with Fold, their payment details, personal data, and transaction history stay private, ensuring that consumer data is safe from advertisers and attackers alike.
"Fold allows us to spend less to get more of the things we're already buying - like lattes, flights, and rides. Merchants avoid costly payment network fees and benefit from instant settlement," said Brian Murray, managing director at Craft Ventures. "This is all made possible by Bitcoin's superior payment rails. Bitcoin Only will be the new Cash Only sign at checkout."
Black Friday & Cyber Monday Campaign
- Black Friday's 150mm shoppers can easily earn their first bitcoin with Fold.
- Fold will feature the highest cashback available on popular retailers, like 5% cashback at Amazon, Target, Uber and 10% cashback at REI, GAP, Banana Republic, Macy's and Old Navy.
- Refer friends and family to Fold and you'll both get 25,000 satoshis reward.
Thousands of users have already shifted their daily transactions to Fold during the pilot period, spending ~$250,000 at major retailers via credit/debit card and bitcoin wallet -- and earning nearly $20,000 worth of bitcoin rewards. While half of users spend their bitcoin rewards to bolster their next purchase, the rest accumulate as savings.
Beyond working with retailers to enable cashback rewards of up to 20%; Fold also powers credit card and bitcoin payments for several merchants and will expand that part of its operations in 2020. Fold recently completed a $2.5M seed round, which will help it expand support for payments, and extend its leadership in bringing bitcoin and related technologies, like the lightning network, to the mass market.
"We finally have onramps to bitcoin that go beyond just buying it," said Meltem Demirors, who leads investments at CoinShares. "With Fold, anyone can accumulate bitcoin spending and gifting with their favorite merchants - a win for everyone!"
ABOUT FOLD
Fold is building the payments stack for a new economy-- one that puts privacy and bitcoin within reach of every shopper. Combining a payments gateway with a rewards program and other applications, Fold creates novel ways to empower and enrich consumers everyday. The Fold team provides merchants the benefits of integrating bitcoin into payments and rewards programs to lower processing fees, reduce chargebacks and spur new customer loyalty. Approximately 15% of users that initially spend via credit card eventually transition to spending bitcoin via lightning to take advantage of rewards and privacy benefits -- signaling excellent users adoption. Sign up for early access to new features at foldapp.com and earn bitcoin for referring your friends!
Why Fold?
- Unbeatable Rewards: Get the highest cashback rewards available.
- Flexible Payments: Pay with your credit/debit card or bitcoin via Lightning.
- Easy Checkout: Checkout at your favorite merchants via mobile app.
- Shop Privately: We protect your data and privacy every time you spend.
- Pay Anywhere: Works with thousands of merchants wherever they do business.
- Seamless Merchant Integration: Seamless merchant integration, no need for new hardware, software, contracts or training.
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SOURCE Fold
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