Fold Unveils New Application with Sats-Back Program on Fiat Purchases

Fold application, a mobile application for shopping which lets users shop at their favorite retailers via the Lightning Network has announced the launch of its new application on September 25, 2019, via a Medium blog post. The blog post, penned by the company’s CEO Will Reeves, reveals that the app will let users spend their fiat through debit or credit cards and earn them Bitcoin in return on their purchases with partner retailers.

The new application is available on both Android and iOS platform. The users of Fold can now easily spend their Bitcoin or fiat to earn up to 20 percent cash-back in Bitcoin at some of the most eminent retailers, such as, Starbucks, Amazon, and Uber. All a user has to do is sync their lightning wallet or credit card and spend at the select retailers in-store, in-app, or online via Fold. It will earn them instant Bitcoins on each of their purchase.

The earlier users access the app, the more satoshis (sats) they will get back, states the announcement. The app allows users to earn up to hundred thousand sats for being among the first to #stacksats with this latest app. Moreover, referring it to friends will also move them up in the list.

The blog post also highlights that in the past 30 days’ time, the users of Fold have earned close to 100 million satoshis.

What’s also interesting is that the new Fold app will reward users for shopping privately. That means users’ personal and payment information along with transaction details will be kept private by amalgamating prepaid cards, lightning network, Bitcoin, and additional privacy features, as disclosed by the firm.

It is important to note that Fold has entered into a collaboration with noted investors including Coinshares, Slow Ventures, Goldcrest Capital, Craft Ventures, and Fulgur Ventures, among others. The company has successfully raised 2.5M dollars for further development and to make Bitcoin rewarding and accessible for everyone.

The desktop version of Fold’s new app is set to hit the market in October this year, according to reports.

Trevor Holman

Trevor Holman follows crypto industry since 2011. He joined CryptoNewsZ as a news writer and he provides technical analysis pieces and current market data. He is also an avid trader. In his free time, he loves to explore unexplored places.

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