Payment platform Fold will participate in Visa fintech startups support program and will launch its own debit card, due to it users will be able to receive cashback in Bitcoin.
As startup`s representatives have noted, Fold will be the first company in cryptocurrency industry that will participate in this program. According to them, it was difficult to reach an agreement about cooperation with Visa, because it was necessary to undergo thorough audit of financial performance and marketing plan.
“Participating in Visa Fast Track program, outstanding fintech-startups, such as Fold, get an opportunity to work with our experts, technologies and resources”, — senior vice president and head of Visa Fintech Terry Angelos said. “Within Fast Track we provide to rapidly growing companies new resources for effective scaling”.
Fold representatives note that cashback in Bitcoin will be the easiest way to accumulate the first cryptocurrency without a necessity to buy it or pass additional verification. To receive cashback users will have to make shopping with USD, and the sum of cashback will make up to 20%. Fold plans to launch the card in the third quarter of this year.