This week, the popular Lightning Network-enabled payment platform, Fold announced the addition of a fiat currency onramp and the early release of the Fold Dapp. Users can now purchase Bitcoin instantly using debit or credit cards via the new protocol. The news signals growing competition amongst fiat-to-crypto providers, as well as, increased Lightning Network functionality.
What Can Fold Do?
Fold Dapp users can choose to pay with Bitcoin or fiat currency at a huge variety of online, in-app, and local retailers. The payments post instantly thanks to the Lightning Network. Importantly, users gain access to some of the most popular retailers available including Amazon, Uber, Starbucks, Hotels.com.
Crypto Back Bonus
The best part is every time you make a purchase, you receive a cashback bonus in Bitcoin. This bonus can be as high as 20% and arrives instantly to your attached Lightning Network wallet.
According to the firm’s homepage, the company already gave out around a hundred million bonus Satoshis in the last 30 days to its users.
When discussing the strategy, developers wanted to provide users with a less restrictive bonus program. Traditionally, cashback bonuses come in the form of airline miles or arbitrary points. Bitcoin was the logical solution.
Discussing the platforms added features, Fold CEO, Will Reeves praised his team’s progress to date. He spoke on the importance of becoming the first wallet in the world to provide lightning network cashback features. Reeves also touted the added privacy features his platform employs.
Fold Makes the Bold Moves
The news came via a blog post in which the company described the new Dapp features and how to participate. Users can download the Dapp directly to their Android or Apple devices for free after signing up as an early user. Once installed, you will need to enter in your Lightning Network wallet address and, or, credit card information to start using the Dapp.
How it Works
Fold is definitely a pioneer in the market. The platform’s unique structure enables for some really amazing features. For one, the added privacy is unmatched. The platform makes payments on behalf of its users. In this manner, users gain maximum privacy.
Your credit card companies won’t see where your transaction took place, or what you purchased. They simply see Fold listed as your transaction. Additionally, no personal identification information is transmitted. Basically, Fold provides you with a way to make incognito purchases easily.
Fold Platform Expands Reach
Fold plans to introduce subscription services for retailers to the platform in the coming months. The company successfully raised $2.5 million to expand its network. Next month, developers intend to officially release its mobile app. At this time, it’s only available on the company’s website
Fold garnered support from a variety of investment firms recently. Craft Ventures, Goldcrest Capital, Slow Ventures, Fulgur Ventures, and Coinshares all contributed to the Fold Dapp platform’s development to date.
Fold is Gold
Fold isn’t the first Dapp to offer Bitcoin bonuses – that title goes to Lolli. However, it is the first platform to integrate the Lightning Network into the process. This integration streamlines the entire platform and enables a better UX across the board. You can expect this paltform to see major expansion as their Dapp becomes more popular in the coming weeks. Until then, you can be one of the first to get the Dapp here.