Ceremony for Bitcoin Financial Services Inauguration Held by Fold for Initial Listing on Nasdaq
Title: Fold Rings In Nasdaq Debut, Pioneering Bitcoin Financial Services
Hear that pandemic-induced thrum? That's the beat of mainstream Bitcoin, and its newest heartbeat happens to be Fold, the first publicly traded company on the block. That's right, located right smack-dab in the financial center of the world, Fold rang the bell at the Nasdaq on May 2. Listing under the symbol $FLD, the company represents Bitcoin's venture from the fringes to the core of global finance.
Will Reeves, the CEO of Fold, was all smiles as he represented the everyday use of Bitcoin in a market long cursed by speculation.
Fold's playing field is a Bitcoin rewards application conveniently tied to credit card purchases. Every time users flash their plastic, Fold throws them a little Bitcoin back for their trouble. The Bitcoin earned can be withdrawn to personal wallets, stashed for rainy days, or spent instantly through Fold's jazzy app. This user-friendly method provides a practical way for consumers to dip their toes in the Bitcoin pool through everyday spending.
Fold Partners with Visa for a Global Expansion
To make this Bitcoin magic happen, Fold has taken up some of the heavy lifting by partnering with major credit card issuers. A 2023 pact with Visa saw Fold expanding into Europe, Latin America, and the Asia-Pacific regions. This means that users can now earn Bitcoin cashback on most of their purchases.
Cashback is a popular tactic for credit card issuers to lure customers. After every spend, users receive a small percentage of their purchase as cashback, either applied to their credit card bills or deposited directly.
Fold made its major-leagues entrance via a Special Purpose Acquisition Company (SPAC) merger with FTAC Emerald Acquisition Corp on February 19. This route to the public market has become quite popular for private companies, as it bypasses the usual costly and tedious initial public offering (IPO) process and the intense scrutiny that comes with it from regulatory bodies.
Fold Goes Big: Buys 475 Bitcoin and Joins US Top 10 Holders
Post-SPAC merger, Fold wasted no time making a splash, purchasing a sizeable 475 Bitcoin and securing a snug spot in the top 10 of US companies holding Bitcoin.
Now that's what you call paving the way for Bitcoin's mainstream future, one cashback at a time.
- Fold, now trading on the Nasdaq under the symbol $FLD, is the first publicly listed company specializing in Bitcoin financial services.
- Will Reeves, the CEO of Fold, emphasized Bitcoin's potential for everyday use amid a market historically plagued by speculation.
- Fold's Bitcoin rewards application allows users to earn Bitcoin through credit card purchases, which can be stored in personal wallets or spent instantly using the Fold app.
- To expand its reach, Fold partnered with Visa in 2023, extending its services to Europe, Latin America, and the Asia-Pacific regions.
- Cashback is a common tactic used by credit card issuers to attract customers, and Fold capitalizes on this by offering Bitcoin cashback for purchases.
- Fold went public through a Special Purpose Acquisition Company (SPAC) merger with FTAC Emerald Acquisition Corp on February 19, avoiding the usual costs and regulatory scrutiny associated with initial public offerings (IPO).
- Post-SPAC merger, Fold purchased 475 Bitcoin, securing a top 10 spot among US companies holding Bitcoin, thus paving the way for Bitcoin's mainstream future.
