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April 13, 2020

Visa partners with crypto app Fold for new co-branded card

Visa has partnered with San Francisco-based startup Fold to launch a co-branded card that will offer users rewards in cryptocurrency instead of airline miles or cash.

The new rewards card will be credited with Bitcoin equivalent to 10% of cash purchases made with debit card.

Fold users can avail the tax-free rewards by opening an account on an exchange platform and syncing it with their crypto wallet.

The users can spend the Bitcoin to buy US dollar-denominated gift cards at companies like Amazon, Starbucks and Uber.

The new cards will be issued starting from July.

Fold CEO Will Reeves said: “People are not interested in spending Bitcoin right now, but are interested in accumulating it.

“If people don’t understand Bitcoin as money yet, they certainly will understand it as a better reward.”

The Fold partnership is a part of Visa’s Fast Track program, which encourages fintechs to work with the card giant.

The new card is anticipated to be accepted at over 10 million merchants globally.

Major crypto exchange firms adopt Visa debit and credit cards

Recently, ShapeShift has allowed crypto purchases with Visa debit cards.

Cryptocurrency exchange Binance introduced Binance Card to allow users to shop using cryptocurrencies.

The card has been issued by Visa and is currently available in South East Asia.

In February, Coinbase secured Visa principal membership so that it can issue debit cards to other crypto firms.

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