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Cyber Bitcoin reported that Bitcoin payment app, Fold has released news that it has joined payments giant VISA's FinTech Fast-Track Program and will issue a unique financial card (Debit Card) based on VISA's global common network, allowing users to receive bitcoin rebates while spending dollars.


Officially, Fold is the first cryptocurrency company to be included in the Fast-Track Program. It is understood that the program, which aims to accelerate the integration of fintech startups with the VISA network, has been piloted globally and only expanded to the United States last July. Terry Angelos, senior vice president and global head of fintech at VISA said in a statement,

By joining VISA's Express program, exciting fintech companies like Fold are able to make the most of VISA's technology and resources, and no doubt benefit from this program, allowing us to provide the resources needed to expand for many startups.

Previously, several cryptocurrency exchanges such as Coinbase, and Binance have announced or launched their own financial cards. Unlike Fold, these companies issue financial cards that only allow customers to spend in cryptocurrencies, but in turn raise tax issues. Will Reeves, CEO and co-founder of Fold said,

Fold was an early adopter of allowing users to spend bitcoin in the real world. As bitcoin continues to evolve, so does our relationship with it, and reform and optimization are inevitable in order to set off the true value of bitcoin. Today, we make it easy for users to hold and accumulate bitcoins in the simplest way possible, and with the ability to send bitcoins directly to a designated wallet address, users no longer have to go through the cumbersome KYC process to get bitcoins.

Will Reeves said that Fold had passed a number of hurdles along the way in order to join the VISA Express program and issue the VISA co-branded card, and that the company's finances, vision, and marketing plans had all been scrutinized.

According to Will Reeves, Fold's VISA financial card, which is expected to be issued this July, is currently open for pre-registration, which allows users to register by providing a phone number and address or confirming ownership of their bank account.

Currently, Fold users can earn up to 20 percent bitcoin rewards when they purchase and use gift cards from merchants such as Starbucks, Uber and Target. And with the newly launched financial cards, users can also swipe their cards to purchase these gift cards, which adds another layer of rewards.

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