Fold Launches New App to Provide Sats Back for Fiat Purchases

Fold Launches New App to Provide Sats Back for Fiat Purchases 1

Fold, a company dedicated to adding accessibility and mainstream adoption of the Lightning Network, has announced that it is launching a new app following a wave of successful fundraising and new partnerships. Fold’s new app allows users to spend fiat via a credit debit card and earn bitcoin back on purchases with select retailers.

Will Reeves, the company’s CEO, announced the launch through a Medium post, which promised that the first to sign up will receive 100,000 free satoshis.

In July 2019, the gift-card-to-bitcoin exchange announced that it had become Lightning compatible. Later that month, it launched a “sats-back” program that rewarded users for shopping at certain retailers with bitcoin (via mainnet or the Lightning Network) with up to 20 percent back on certain purchases. This latest announcement adds fiat purchases to the sats-back program.

Adoption and Privacy Protection

The news follows a $2.5 million fundraise from investors like Craft Ventures, CoinShares and Slow Ventures. Fold plans to use the fresh capital to expand the operations of their kickback program, which currently includes retailers like Amazon, Uber, Starbucks and Hotels.com. The payout in satoshis, even if purchases are made in USD through the app, is intended to encourage even mainstream users to become more active in the Lightning Network. 

The company has also taken a variety of measures to prioritize user anonymity, such as actively encouraging the use of independent wallets and a focus on purchasing prepaid cards. In addition to a mobile app launch, a press release claims that a desktop version of the Fold app will be arriving in October 2019.

Lolli, another crypto-based cashback platform, has a similar business model with some critical differences. Lolli has allowed users to earn satoshis back by using fiat purchases since its inception but does not have an infrastructure for allowing users to actually make the initial purchases with bitcoin. Still, by awarding users with BTC following their fiat purchases, Lolli is primed to expand the acceptance of bitcoin hodling among its users.

About the author

E-Crypto News was developed to assist all cryptocurrency investors in developing profitable cryptocurrency portfolios through the provision of timely and much-needed information. Investments in cryptocurrency require a level of detail, sensitivity, and accuracy that isn’t required in any other market and as such, we’ve developed our databases to help fill in information gaps.

Related Posts

E-Crypto News Executive Interviews

Crypto Scams

Beanstalk Farms Loses $80M In A Massive DeFi Governance Flash-Loan Hack
Beanstalk Farms Loses $80M In A Massive DeFi Governance Flash-Loan Hack
April 23, 2022
Prove
Joon Pak Head of Crypto at Prove talks to Us about Crypto Fraud And More
April 11, 2022
Mintable
Mintable CEO Zach Burks Talks to Us about the Opensea Stolen NFTs and Their Recovery
March 21, 2022
Crypto Crime
Crypto Crime Surges To Record Highs As Thieves Follow Market Buzz – Chainalysis 2022 Report
February 24, 2022
Bots Circumvent 2FA Login At Coinbase And Other Crypto Exchanges In 2022
Bots Have Circumvented 2FA Logins At Coinbase And Other Crypto Exchanges In 2022
February 17, 2022

Automated trading with HaasBot Crypto Trading Bots

Blockchain/Cryptocurrency Questions and Answers

Russia
Roundtable Interview-What is the Effect of The Russia-Ukraine War on Cryptocurrency Prices?
March 4, 2022
GamStop
How Does Bitcoin Casino Work + 2021 Beginner’s Guide
November 8, 2021
Cryptocurrency
How to Buy and Sell Cryptocurrency
November 8, 2021
What Are Bitcoin Futures And How Will They Work In 2022?
November 4, 2021
Ethereum
The Unconventional Guide to Ethereum
October 28, 2021


CryptoCurrencyUSDChange 1hChange 24hChange 7d
Bitcoin29,151 0.08 % 2.36 % 0.82 %
Ethereum1,947.8 0.73 % 4.18 % 6.39 %
Tether0.9998 0.04 % 0.17 % 0.39 %
USD Coin0.9989 0.16 % 0.08 % 0.04 %
BNB298.27 0.10 % 0.51 % 10.88 %
XRP0.4040 0.88 % 5.22 % 3.05 %
Binance USD0.9998 0.00 % 0.31 % 0.11 %
Cardano0.9566 0.22 % 0.68 % 6.96 %
Solana51.08 0.70 % 7.62 % 1.52 %
Dogecoin0.08497 0.89 % 4.61 % 0.85 %

bitcoin
Bitcoin (BTC) $ 29,270.00
ethereum
Ethereum (ETH) $ 1,961.82
tether
Tether (USDT) $ 0.998982
usd-coin
USD Coin (USDC) $ 1.00
binance-coin
BNB (BNB) $ 299.22
xrp
XRP (XRP) $ 0.408184
binance-usd
Binance USD (BUSD) $ 1.00
cardano
Cardano (ADA) $ 0.521118
solana
Solana (SOL) $ 51.97
dogecoin
Dogecoin (DOGE) $ 0.085169