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A Bitcoin Rewards Company Is Going Public On Nasdaq

July 26, 2024
x min read
A Bitcoin Rewards Company Is Going Public On Nasdaq

There’s a new crypto company headed for the Nasdaq. And they have a unique vision to disrupt traditional payment rewards.

What’s happening:

  • Bitcoin rewards and payments company Fold has announced they will go public on the Nasdaq through a SPAC transaction with FTAC Emerald Acquisition

How it works:

  • Fold is a payments company that operates a debit card which offers users rewards in Bitcoin instead of cash
  • Fold also enables users to earn Bitcoin rewards on bill payments and gift card purchases

By the numbers:

  • The new SPAC deal values Fold at $365M USD
  • Fold currently owns approximately $67M USD worth of Bitcoin
  • Fold has processed $2B USD in total transaction volume and distributed more than $45M USD in Bitcoin rewards to users

Going deeper:

  • Fold’s debit card is powered by Visa (NYSE: V) and also allows users to purchase Bitcoin directly, without any fees or costs
  • The concept of leveraging Bitcoin as a payment method has been gaining momentum recently, notably with Bitcoin Well (TSXV: BTCW) seeing significant user growth for enabling Canadian users to be able to pay bills with Bitcoin directly from their own self custody wallet

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