- Bitcoin rewards service launched for VISA card holders by Fold
- Cryptocurrencies offer an alternative rewards scheme
VISA’s new fintech fast track program has been joined by Fold, a new Bitcoin rewards-based debit card that is expected to grow further under the tutelage of the payment giant. Fold is a Lightning capable mobile app that offers Bitcoin rewards for users for using their VISA cards among other services.
While the foray into the VISA cards is a new one for Fold, previously it has operated as a Bitcoin lightning network-based application that lets users shop on top e-commerce platforms using their cryptocurrencies. With the VISA partnership, Fold will be able to use its service for entering the rewards industry which remains to be a fiat-only domain right now.
VISA and other debit card enablers are looking at blockchain technology and cryptocurrencies because they recognize their importance for the future. VISA and MasterCard both joined the board for Facebook’s Libra project but promptly left it after the project faced glaring repercussions from governments around the world including the European Parliament and the US Senate. VISA is now looking to involve and learn from the crypto industry without directly associating themselves with cryptocurrency ownership, instead offering third party companies to take the lead as part of its fintech program.
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