Bitcoin BTC -2.13% rewards app Fold and Visa announced Thursday that they have expanded their ongoing partnership.
Visa will now be the exclusive network partner for Fold’s prepaid debit and credit card products in North America, Europe, Latin America and the Caribbean.
The two companies first teamed up in 2020 to issue a debit card that offered rewards in Bitcoin (BTC) instead of traditional rewards points. Users have earned more than $30 million in bitcoin rewards since the debit card launched.
According to Fold CEO Will Reeves, the expanded partnership comes amid growing demand for bitcoin access outside the US.
Under the new partnership, Fold and Visa will enter new markets, and their business expansion plans include empowering existing local financial services companies to launch their own bitcoin rewards through Fold infrastructure.
“Fold’s mission is to make bitcoin more accessible to everyone, and this expanded partnership with Visa will help us achieve that goal,” Reeves said. “Our users have already earned millions of dollars in bitcoin rewards with our debit cards, and we’re excited to continue growing our partnership with Visa to bring bitcoin to even more people around the world.”
Cuy Sheffield, head of encryption at Visa, said the company is committed to supporting the development of digital currencies and helping partners such as the Fold build new business and revenue streams.
“We’re excited to expand our partnership with Fold to bring bitcoin rewards to even more people and businesses around the world,” Sheffield said. “As demand for digital currencies continues to grow, Visa is committed to providing our partners with the tools and infrastructure they need to succeed in this space.”
