Bitcoin rewards and payments platform Fold is the first publicly traded company of its kind on the Nasdaq.
Bitcoin (BTC) is going more mainstream with each passing week. On Friday, May 2, Fold held an Opening Bell ceremony at the Nasdaq headquarters to celebrate its public listing. Trading under the ticker $FLD, it is the first publicly traded company focused specifically on Bitcoin financial services.
“Ringing the bell at Nasdaq is a celebration of the journey from Bitcoin’s edges to the heart of global finance. We’re proud to represent the everyday use of Bitcoin in a market long dominated by speculation,” Will Reeves, CEO of Fold.
Fold operates a Bitcoin rewards app tied to credit card purchases. Every time users make purchases with their card, Fold gives them cashback, in Bitcoin. Users can then withdraw the earned Bitcoin to personal wallets, hold it, or spend it directly through Fold’s app. This creates a user-friendly way for consumers to gain exposure to Bitcoin through everyday spending.
Fold partners with Visa to expand its reach
To provide these rewards, Fold has partnered with major credit card issuers. Its 2023 partnership with Visa enabled the company to expand into Europe, Latin America, and the Asia-Pacific regions. This allows users to receive Bitcoin cashback on nearly any purchase.
Cashback is a popular way for credit card issuers to attract customers. For every purchase on a card, users get a small percentage of their purchase back into their account. These are either applied to their credit card bills or received as a deposit.
The company went public on February 19, with a SPAC merger with FTAC Emerald Acquisition Corp. This is a popular route for private companies to go public, without the traditional initial public offering. IPO’s usually mean that companies face significant scrutiny from regulators, which can be very costly.
