TLDR
- Fold partnered with Stripe and Visa to launch its first bitcoin-only rewards credit card
- Cardholders earn 2% bitcoin rewards instantly on all purchases, potentially up to 3.5% with qualified activity
- No category restrictions, staking requirements, or exchange account needed for rewards
- Card runs on Visa network using Stripe Issuing infrastructure
- Fold stock initially surged 60% on the news but later dropped 10%
Fold Holdings announced a partnership with Stripe and Visa to launch its first bitcoin-only rewards credit card. The Nasdaq-listed company revealed the collaboration in a Tuesday press release.
The Fold Bitcoin Credit Card will operate on Visa’s payment network. Stripe Issuing will provide the underlying infrastructure for the card program.
Cardholders will receive 2% back in bitcoin automatically on all purchases. Users can earn up to 3.5% total rewards when they pay off purchases through a Fold Checking Account with qualified activity.
The card eliminates common restrictions found in other reward programs. There are no spending categories to track or manage for earning rewards.
Users don’t need to stake tokens or maintain exchange account balances. Bitcoin rewards are distributed automatically with each purchase transaction.
Retail Partner Network
Fold says cardholders can earn up to 10% back with select retail partners. These include major brands like Amazon, Target, Home Depot, Starbucks, and Uber.
The company positions the card as making bitcoin accessible to mainstream consumers. Will Reeves, Fold’s CEO and founder, emphasized the simplicity of earning real bitcoin through everyday spending.
Stripe called this partnership a milestone for its new consumer card-issuing product. The service allows fintech companies to launch payment products without building their own infrastructure.
Cuy Sheffield, Visa’s crypto lead, said the collaboration provides consumers a safe way to earn bitcoin while shopping. The Visa network ensures global acceptance for the card.
Company Background and Performance
Fold already operates several bitcoin-focused financial products. The company offers a bitcoin debit card, cryptocurrency exchange, and gift card program.
The company has processed over $3.1 billion in total transaction volume. Fold has distributed more than $83 million in bitcoin rewards to customers to date.
Fold holds approximately 1,500 bitcoin in its corporate treasury. The credit card represents the next step in building comprehensive bitcoin-native financial services.
The stock initially jumped 60% following the announcement. However, shares later declined 10% to $3.49 at publication time.
The credit card launch builds on Fold’s existing product ecosystem focused on bitcoin adoption.
