Fold Rings Nasdaq Opening Bell
In a notable milestone for the cryptocurrency industry, Fold, a platform specializing in Bitcoin rewards and payment solutions, officially rang the Nasdaq Opening Bell today at the Nasdaq MarketSite located in Times Square, New York City. This event commemorated the firm’s recent transition to a public company, as detailed in a press release received by Cryptonews.
Ceremony Highlights
Attending the ceremony were Fold’s executive team, along with dedicated employees and valued supporters from its community. The festivities were not only a local affair; they were broadcast live around the world and featured prominently on the large screens of Times Square, a bustling hub of New York.
Significance of the Event
Fold views this moment as a significant step in its mission to embed Bitcoin within everyday financial transactions and make it accessible for the masses. The company’s CEO, Will Reeves, expressed his pride in the occasion, describing it as a transition of Bitcoin from the fringes to a more central role in the global financial landscape.
“This is a celebration of the journey from Bitcoin’s edges to the heart of global finance,”
he stated, emphasizing the platform’s focus on practical applications of Bitcoin in a market often characterized by speculative trading.
Company Background
The origin of Fold can be traced back to Thesis, a venture studio devoted to Bitcoin projects, which has been active since 2014. The studio has nurtured various initiatives, including Fold itself, among others like tBTC and Acre. Earlier this year, in February, Fold went public after merging with FTAC Emerald Acquisition Corp., a special purpose acquisition company, thereby launching its operations under the name Fold Holdings, Inc. Following this corporate milestone, shares of Fold began trading on Nasdaq, reaching a current trading price of $3.97, marking a 2.58% increase for the day.
Growth and User Engagement
Since its founding, Fold reports rapid growth, attracting hundreds of thousands of users who earn Bitcoin rewards through everyday spending and interactions with merchants. The company claims that since its launch in 2019, users have accumulated an impressive nearly $67.8 million in rewards. It’s important to highlight that, while Fold operates in the financial services sector, it is not insured by the Federal Deposit Insurance Corporation (FDIC).
Future Plans
Looking ahead, Fold announced plans for a Bitcoin Rewards Credit Card set to launch in February 2025. This card will be made available to members of both Fold’s premium and free plans, offering cashback rewards that are automatically disbursed in Bitcoin, similar to their rewards debit card. Holders of the Fold+ Credit Card will enjoy benefits such as unlimited 2% cashback rewards, a complimentary metal card, and additional advantages associated with a Fold+ subscription, including fee-free Bitcoin buying and selling. Meanwhile, users on the free plan can earn 1.5% Bitcoin rewards with an option to upgrade to a premium card.
