Fold, a private company founded in 2014 by Will Reeves and Matt Luongo, aims to be the ultimate app connecting Bitcoin to both traditional banking and the new world of Bitcoin L2s. With a team of 22 employees, Fold has been stacking Bitcoin since its inception and holds an undisclosed amount in its treasury. The app allows users to earn Bitcoin rewards on everyday purchases and DCA into Bitcoin. Fold also plans to incorporate Lightning, Liquid, and other Bitcoin layers to facilitate faster and cheaper payments for its users.
In its early phases, Fold primarily focused on enabling users to buy gift cards with Bitcoin and fiat currency, earning Bitcoin rewards in the process. However, in its current third iteration, Fold is expanding its offerings to make Bitcoin a central part of users’ financial lives. The company’s ultimate goal is to bring Bitcoin to the center of people’s everyday transactions, allowing users to regularly purchase and spend Bitcoin with ease.
Fold has positioned itself as a bitcoin-only company, although it also supports US dollars as an additional feature. Reeves and his team strive to strike a balance between catering to hardcore Bitcoin users and those who are new to the cryptocurrency. The app is designed to be user-friendly for both experienced Bitcoiners and newcomers, with features that appeal to a broad range of users. Fold aims to serve as a bridge between the traditional banking world and the emerging realm of Bitcoin-based financial services.
While Fold currently serves only US residents, the company has plans to expand its products internationally in the near future. Reeves mentioned that Fold has built the infrastructure to enter markets like Canada and the UK, focusing on launching its rewards product first in new regions. Additionally, Fold has developed intellectual property that may be leveraged by other companies looking to offer Bitcoin-based banking services, potentially accelerating the company’s expansion into new markets.
As a pioneer in the Bitcoin space, Fold has developed a unique tech stack that integrates Bitcoin wallets with FDIC-insured bank accounts and Visa cards. Reeves believes that the IP generated by Bitcoin startups like Fold will be of great value as larger institutions enter the cryptocurrency space and create their own products and features. Fold’s innovative approach to combining traditional banking services with Bitcoin functionalities positions the company as a key player in the evolving landscape of digital finance.
Fold’s future plans include the launch of new features for its app, designed to incentivize users to transition from traditional banks to a Bitcoin-friendly financial platform. The company aims to create an ecosystem where Bitcoin holders are privileged and can seamlessly access various payment rails, including Lightning, Liquid, and other Bitcoin layers. With a focus on delivering a superior banking experience for Bitcoin enthusiasts, Fold is poised to revolutionize the way people interact with the cryptocurrency and traditional financial systems.
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