The Fold App has successfully raised $2.5 million in the capital and announced a new fiat currency payment option.
The lightning-friendly shopping app finished strong in its first capital round. The startup was able to raise $2.5million with the help of investors CoinShares, Craft Ventures, Fulgur Ventures, Goldcrest Capital, Slow Ventures, and others.
Will Reeves on the Topic
Fold editor Will Reeves said the funding will be used to solidify partnerships in both the retail and cryptocurrency industry. The company is also set to roll-out subscription options for consumers and merchants that will provide the highest rewards and premium services.
Reeves, who’s also the product lead, explained that when people spend fiat at specific retailers they will garner BTC rewards which they can either spend or withdraw to an on-chain address. He added that Fold will also release an update that lets users withdraw their rewards direct to lightning. This will make the app easier to use and the fees are lower.
Reeves also gave customers early access to its app in his most recent blog post. He also shared with users the news that they can now use fiat and Bitcoin (BTC) in-store and online by simply synchronizing their Lightning wallets or credit cards.
The Fold app has also made it possible for users to stack sats when they purchase goods using BTC and fiat currency at establishments like Starbucks and when using sites like Amazon, Hotels.com, and Uber. Every time users make a purchase using Fold, they can get up to 20% instant cashback in bitcoin at select retailers and earn more reward.
Company data showed that Fold users have already earned almost a hundred million satoshis in the past month alone. Those who are lucky to be the first to #stacksats using the new app can earn as much as 100K satoshis.
Crypto Reward Projects on the Rise
Cryptocurrency payments are becoming more common now in the retail sector, and Fold is just the latest shopping app to team up with major retailers and utilize the bitcoin-back rewards program. BTC rewards app Lolli partnered with Safeway and pet shop Petco early this year to give loyal customers a way to earn 3.5% BTC back on their purchases. Booking service Hotels.com also joined the list of merchants supported by the Lolli app.
American Express is also looking to give back to its clients by working on its Hyperledger-powered rewards platform. The system is designed to enable its partner merchants to design its own reward offers for customers.