Bitcoin Gets Backing From Payment Company Visa, Which Joined Fold Startup To Issuecredit card with cashback to cryptocurrency. It is reported by Bloomberg.
Fold CEO Will Reeves saidBitcoin users will be credited with up to 10% of purchases made using a Fold and Visa credit card. He believes that this can attract a new wave of consumers to the most popular cryptocurrency in the world.
“People are not interested in spending bitcoins right now, but are interested in accumulating them”Reeves said in an interview.
“If people do not yet understand bitcoin as money, they will probably understand it as the best reward.”
According to the famous crypto investor MeltemDemirors, whose CoinShares company supported the development of Fold, bonuses in bitcoins will be appreciated by people who plan to store cryptocurrency, rather than spend it. The idea of rewards in bitcoins may seem like a niche, but Fold CEO Will Reeves believes that it will attract more interest than air miles and any skittles.
"A lot of people will ask, 'What's good about Bitcoin?' and the answer is: Bitcoin retains the freedom and flexibility of cash, while at the same time giving it the advantage of being a high-performing asset."Reeves remarked.
BTC rewards are paid at market rates atmoment of operation. In the future, the received bitcoins can be transferred to a cryptocurrency wallet and stored, or spent by retailers using the Fold application. It is important to add that commissions are not charged to card users.
Fold hopes the so-called game elementsincrease the attractiveness of the service. We are talking about participating in daily promotions in the application, during which certain sellers will receive bonuses accrued up to 10%.
Reeves said thatcard will be issued in July. He declined to name the banks that support the card.
Let us remind you that in February the AmericanCryptocurrency company Coinbase has become a principal member of Visa. The company stated that this status made it "the first cryptocurrency company to be approved by Visa."
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