RATE Group | Bitcoin Shopping App Fold Raises $2.5 Million to Bring Lightning to Retailers
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Bitcoin Shopping App Fold Raises $2.5 Million to Bring Lightning to Retailers

29 Sep Bitcoin Shopping App Fold Raises $2.5 Million to Bring Lightning to Retailers

Posted at 02:38h in Bitcoin News by

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The lightning-friendly Fold App, which allows users to spend bitcoin on goods like clothes and pizza and then earn bitcoin-back rewards, just added fiat capability after raising its first round as an independent startup.

Fold product lead Will Reeves told CoinDesk the startup spun out of Thesis with a $2.5 million raise led by Craft Ventures, CoinShares, Slow Ventures, Goldcrest Capital and Fulgur Ventures, among others. Reeves said that capital will go towards cementing partnerships, both in the cryptocurrency and retail space.

“We’ll be rolling out subscription options for merchants and consumers soon that will provide premium services and highest rewards,” Reeves said, adding:

“When people spend fiat at retailers they will receive BTC rewards. They can spend those rewards or withdraw them to an on-chain address. In the future, we are releasing an update that allows people to withdraw rewards directly to lightning, which will lower fees and make it more…

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