Fold Unveils App To Earn Bitcoin While Shopping

Posted On: 11/25/2019

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SAN FRANCISCO -- Fold, the app that gives 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 shoppers who 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 and Uber.

"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," said Fold chief executive Will Reeves. "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."

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.

Thousands of users have already shifted their daily transactions to Fold during the pilot period, spending a reported $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 $2.5 million 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!"