This month, Bitcoiners got some exciting news after the popular payment processing Dapp, Fold announced a partnership with Airbnb. Now, Lightning Network users can save big time on their next vacation stay.
Official news of the Airbnb integration came on Nov 11 via a Twitter post. In the post, the company describes the mood around the integration and some more details of the strategy. The post explains that fold is “thrilled” to welcome the Airbnb community.
Fold is a popular crypto gift card store. Here, Bitcoiners can gain access to some of the biggest retailers and service providers available. For example, Amazon, Starbucks, and Uber as just a few of the retailers available to Fold consumers. In this way, Fold bridges the consumer crypto gap.
The platform's functionality is simple but effective. Bitcoin users can log in to the platform and exchange their crypto for the gift card of their choosing. The addition of the Lightning Network makes the entire process more streamlined. Additionally, it reduces overall transaction costs and completion times.
Major Add-on with Airbnb
The Airbnb addition is significant for many reasons. Firstly, it showcases further growth in the Fold platform. Already, Fold is considered an industry leader. The firm continues to cement its positioning within the market with these powerful additions.
Secondly, Airbnb has a significant client base. Currently, Airbnb is available in the United States, Australia, Canada, Ireland, Mexico, and the United Kingdom. Importantly, company executives stated that the firm will move into the European market in the near future. This network provides Fold users with a huge variety of locations to stay at.
For its part, Fold offers Lightning Network users $25 or $100 gift cards towards Airbnb services. Uniquely, users get a kickback of 3% in Bitcoin for every stay. These kickbacks can be HODLed or you can spend it on the host of other retailers available on the platform.
Fold continues to make headlines with its bold maneuvers. In July 2019, the company again raised eyebrows after securing $2.5 million in funding to expand its platform. Also, in September of this year, the platform added a fiat currency onramp and Lightning Network support. This momentum carried over into their latest venture.
How Does Airbnb Work
The Airbnb platform allows homeowners to rent out unused rooms for profit. In this manner, anyone can earn extra cash for their unused space. As such, Airbnb functions as a new age lodging broker.
Airbnb entered the market in August 2008 with the goal to decentralize lodging. The company started after the founders Brian Chesky, Joe Gebbia, and Nathan Blecharczyk decided to rent an air mattress in their San Francisco apartment to offset the high rental prices.
Since its inception, the company has seen explosive growth. Today the firm generates $2.6 billion in yearly revenue. To put this growth into perspective, in 2017, the firm reported $93 million in net profits with a $450 million operating budget.
Step into the Fold
Currently, Fold is an important part of the crypto sphere. The firm continually expands the reach of the cryptocommunity through its innovative partnerships and products. Today, the company bridges the gap between crypto users and major retailers. You can expect to see this platform expand over the coming years as more retailers join the team and crypto adoption rises.