The Fold app, a mobile shopping app that supports Bitcoin’s Lightning Network enabling users to withdraw funds to an external Bitcoin (BTC) wallet, has raised $2.5 million and added a fiat currency payment option.
In a Sept. 25 blog post, Fold’s editor, Will Reeves, informed the public that the app’s users can now spend both fiat currency and Bitcoin at online and in-store retailers by synchronizing their credit card or Lightning wallet.
Fold has also enabled its users to stack sats when making purchases with fiat and Bitcoin at major retailers such as Amazon, Uber, Starbucks and Hotels.com, further rewarding users for shopping in Bitcoin.
Moreover, Fold revealed new partnerships with investors such as venture capital funds Craft Ventures, Goldcrest Capital, Slow Ventures, Fulgur Ventures and digital asset management firm Coinshares, which resulted in a $2.5 million contribution towards further development.
Other crypto rewards projects
Earlier this year, another Bitcoin rewards shopping app Lolli teamed up with major American grocery chain Safeway and pet retailer Petco to give customers 3.5% back in BTC on all their purchases. The company also added major booking service Hotels.com to its list of supported merchants.
Meanwhile, American Express is also looking to achieve with its Hyperledger-based rewards platform, which is geared toward enabling partner merchants to create customized rewards offers for the financial corporation’s clients.
Crypto payments gain traction
Cryptocurrency payments are gradually becoming mainstream when it comes to the retail sector. The Kaspersky Lab Global IT Security Risks Survey, published in February, reported that a respectable 13% of more than 12,000 consumers across 22 countries had used cryptocurrency to pay for their online purchases.
By early 2020, support for Bitcoin payments will be purportedly launched at over 25,000 sales points for 30 French retailers, including sportswear giant Decathlon and cosmetics store Sephora.