Fold has announced the launch of its Bitcoin credit card in partnership with Stripe and Visa. The crypto firm joins a host of other companies that have rolled out a similar offering. Meanwhile, the FLD stock is on a downtrend amid this development.
In a press release, the crypto firm announced that it has partnered with Stripe and Visa to power its new Bitcoin Rewards Credit Card. The card is issued on Visa with Stripe’s issuance. Fold revealed that the card will enable users to accumulate BTC with every purchase, thereby offering them an opportunity to “build long-term wealth.”
Fold joins several other crypto firms, such as Gemini, which have already launched similar credit cards for their customers. CoinGape also recently reported that Trump-backed WLFI is looking to launch a debit card with Apple Pay integration.
Meanwhile, Fold highlighted the benefits that its users stand to gain by using the Bitcoin Rewards Credit Card, including up to 3.5% back on every purchase. The firm also revealed that its cardholders can earn up to 10% back with brands in its rewards network, including Amazon, Target, Home Depot, Uber Eats, among others.
Stripe’s executive Sateesh Kumar Srinivasan noted that their new consumer Issuing product is designed to power customers like Fold that want to introduce new products to the market without the complexities of managing their own program. Notably, Stripe had also assisted Shopify in integrating USDC payments on its platform.
TradingView data shows that Fold’s stock is down amid the launch of the Bitcoin Rewards Credit Card. The FLD stock is currently trading at around $3.24, down over 15% from yesterday’s closing price of around $3.88.
This comes despite a notable surge in crypto stocks today, including Strategy (MSTR), Bitmine Immersion (BMNR), and CleanSpark (CLSK), although these stocks also recorded declines later in the day. Meanwhile, the FLD stock is also down over 70% year-to-date (YTD).
The current decline coincides with the crash in the Bitcoin price, which is down over 4% in the last seven days. Fold’s operations primarily centre around the flagship crypto. It is also a Bitcoin treasury company with 1,492 BTC on its balance sheet, according to data from Bitcoin Treasuries.
