There’s a new crypto company headed for the Nasdaq. And they have a unique vision to disrupt traditional payment rewards.
What’s happening:
- Bitcoin rewards and payments company Fold has announced they will go public on the Nasdaq through a SPAC transaction with FTAC Emerald Acquisition
How it works:
- Fold is a payments company that operates a debit card which offers users rewards in Bitcoin instead of cash
- Fold also enables users to earn Bitcoin rewards on bill payments and gift card purchases
By the numbers:
- The new SPAC deal values Fold at $365M USD
- Fold currently owns approximately $67M USD worth of Bitcoin
- Fold has processed $2B USD in total transaction volume and distributed more than $45M USD in Bitcoin rewards to users
Going deeper:
- Fold’s debit card is powered by Visa (NYSE: V) and also allows users to purchase Bitcoin directly, without any fees or costs
- The concept of leveraging Bitcoin as a payment method has been gaining momentum recently, notably with Bitcoin Well (TSXV: BTCW) seeing significant user growth for enabling Canadian users to be able to pay bills with Bitcoin directly from their own self custody wallet
