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- 1 More than 100k users have downloaded the Fold application from the play store.
- 2 El Salvador roughly owns 2546 Bitcoin and is the first to accept BTC as legal tender.
Fold is a pioneer in launching the world’s first Bitcoin reward Visa debit card in 2020 in the United States. The company recently inaugurated its office in El Salvador and has hired local experts nationwide to handle the process.
The reward company plans to expand its network worldwide, and setting up an office is the first step in its expansion in Latin America. El Salvador is one of the first nations to pass the law to make Bitcoin legal tender.
The constantly increasing transaction fees in El Salvador are one of the significant reasons Fold entered the market. The reward company offers cashback of 1% on every BTC transaction by its users.
In 2020, Visa and Fold agreed to work together. This partnership was recently renewed and expanded in March 2023. Coinbase and other companies now provide Visa cards that offer rewards in Bitcoin.
According to Crunchbase, Fold raised $16.3 million in five different funding rounds, and its lead investors are Craft Ventures, CoinShare, Goldcrest Capital, Slow Ventures, and a few others.
According to data from the Google Play Store, over 100,000 users worldwide have downloaded the Fold app for Android. The app is also available on the app stores for iPhone users. Fold’s website suggests that users have a chance to earn a whole Bitcoin by spinning a wheel. Will Reeves is currently the CEO of the company.
The craze of Bitcoin and Digital Currency in El Salvador
Last March, the Chamber of Commerce and Industry of El Salvador identified that more than 75% to 80% of businesses and industries don’t accept Bitcoin as a payment even after imposing the laws.
During a media statement, the Finance Minister of El Salvador said the adoption rate of Bitcoin among common citizens is quite impressive, and more than 3.5 million of the total population holds BTC.
The population census of 2021 suggests that the total population of El Salvador is over 60 lakhs. The country does not have its native currency; instead of which, they use US Dollars for their daily uses.
In a research report, National Geographic termed El Salvador the Land of Volcanoes because the nation has the most frequent earthquakes and volcanic activities. A Report from Bloomberg reveals that El Salvador has around 2546, and the country is under losses due to current market volatility.
CNBC reported that using the debit card of Fold, users can purchase gift cards from dozens of companies, including Amazon, Adidas, AMC, Chipotle, DoorDash, and Uber. Before buying the gift cards from their favorite platform, users can check how much reward they will earn on their purchase.
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only and do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
