Fold Opens Access To Sats-Back Debit Card, Announces $13 Million Series A

Bitcoin rewards platform Fold has opened access to its bitcoin rewards debit card and announced a $13 million fundraising round.

Bitcoin rewards app Fold has announced that its sats-back debit card is now accessible to all U.S. residents.

“Instead of offering points or airline miles typically found in most card programs, Fold provides bitcoin rewards through a gamified experience that emphasizes healthy financial habits,” according to a release shared with Bitcoin Magazine. “Fold cardholders can earn variable rewards by spinning a rewards wheel after each qualifying purchase, like earning 100% of their purchase back in bitcoin, or even winning a whole bitcoin, which ten users have done to date.”

The waitlist for the card has been open since last year. Since Fold launched in 2019, it has built a waitlist of more than 250,000 waiting for access to the card, per the release. More than 20,000 cardholders participated in an early access program that saw $100 million transacted since November 2020.

Fold also announced the conclusion of a $13 million series A fundraise led by Craft Ventures, with participation from M13, Slow Ventures and Bessemer. The company will be using the capital to build out its rewards platform so that any credit or debit card in the country could offer its users bitcoin rewards. And it expects to offer a bitcoin rewards credit card by the end of the year.

“We’ve pioneered bitcoin rewards to make bitcoin accessible to everyone,” said Fold CEO Will Reeves, according to the release. “Between the appreciation of bitcoin and our generous rewards, people have earned more money in their Fold rewards account over the last few months than they have in the savings accounts they’ve been building for years.”