Fold Launches Bitcoin Gift Card... "Convenient Purchase Offline"

Doohyun Hwang

Summary

Fold announced that the Bitcoin Gift Card can be purchased in denominations from $25 to $500.
Fold's CEO Will Reeves stated that the Bitcoin Gift Card allows Bitcoin to be accessed in a familiar way in the $300 billion gift card market.
The company stated that this product was inspired by Costco's gold selling trend.

Fold has launched a 'Bitcoin Gift Card' that allows users to purchase and gift Bitcoin (BTC) in the form of a prepaid card.

According to Catena on the 23rd (local time), Fold stated, "The newly launched Bitcoin Gift Card can be purchased in denominations ranging from $25 to $500," and "It will be gradually released across major offline distribution networks in the US, starting with the online website."

Users can create a Fold account and undergo identity verification to receive the equivalent amount of Bitcoin in their Fold app wallet, which can also be transferred to an on-chain Bitcoin wallet.

Will Reeves, CEO of Fold, said, "In a $300 billion market where 84% of Americans use gift cards annually, Bitcoin can now be accessed in a more familiar way."

Meanwhile, Fold holds approximately 1,485 Bitcoins and has been integrating Bitcoin features into various products such as its app and credit card. The company explained that this product was inspired by the alternative asset purchase trend, similar to Costco selling $200 million worth of gold every month.

BTC