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  • The app has added fiat capability after raising $2.5 million in funding as an independent startup.
  • App users can now connect the app to their debit card for Bitcoin-back on retail purchases.

“Fold” is a lightning-friendly app that enables users to pay for goods using Bitcoin and earn Bitcoin-back rewards. The app recently added fiat capability after raising its first round as an independent firm.

Will Reeves, the Fold product lead told CoinDesk:

“We’ll be rolling out subscription options for merchants and consumers soon that will provide premium services and highest rewards. When people spend fiat at retailers, they will receive BTC rewards. They can spend those rewards or withdraw them to an on-chain address. In the future, we are releasing an update that allows people to withdraw rewards directly to lightning, which will lower fees and make it more usable.”

In other words, one can connect the app to a debit card for Bitcoin-back on retail purchases using the app, or users can send Bitcoin to Fold from their independent wallets. The full features that are currently available via desktop will be available in a mobile Fold app by October, said Reeves. Meltem Demirors, the CoinShares co-founder, said that the Fold app is unique because it allows users to use non-custodial wallets.  

Demirors added:

“I’m excited to work not only with Fold, but also with our community of portfolio companies, corporate partners, and other service providers to build an integrated user experience around bitcoin payments.”

Fold, which mainly focuses on lightning payments, has already collaborated with two lightning-friendly wallets – BlueWallet and Breez.