BTC Shopping App Fold Raises $2.5 Million, Bringing Lighting To Retailers

A new BTC shopping app is in the focus of the latest Bitcoin news, promising to bring a next-level technology to retailers. The lighting-friendly Fold App is basically a solution that allows users to spend Bitcoin on goods such as clothes and pizza – and then earn Bitcoin rewards. As the news show, the app just added fiat capability after raising its first round as an independent startup.

The main product lead at Fold, Will Reeves, was featured in the crypto news for telling sites that the startup spun out of Thesis with a $2.5 million raise led by Craft Ventures, CoinShares, Slow Ventures, Goldrest Capital and Fulgur Ventures, among others.

Reeves also said that the BTC shopping app’s capital will go towards cementing partnerships, both in the crypto and retail space.

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

“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 usable.”

In short, the BTC shopping app Fold is designed to be connected to a debit card for Bitcoin-back purchases on regular purchases through the app. Users can send Bitcoin to the Fold App from their independent wallets, too – and a mobile Fold App with the full features for desktop is slated for launch in October.

Until then, the app is also available to users that sign up through Fold’s website for early access. The co-founder of CoinShares, Meltem Demirors, was also featured in the news and told the media that Fold App is a unique app because it encourages users to use non-custodial wallets.

“I’m excited to work not only with Fold, but also with our community of portfolio companies, corporate partners, and other service providers to build an integrated user experience around bitcoin payments,” she noted.

The BTC shopping app fold is right now offering a type of crypto training wheels to retailers such as Macy’s, Target and Amazon. On the merchant side, they only see payments processed by Fold.