Fold Partners with Blackhawk Network
In a recent announcement, Bitcoin service provider Fold has joined forces with publicly traded Blackhawk Network, a leading operator in the prepaid gift card market, to extend the reach of its Bitcoin gift cards. This collaboration aims to penetrate the substantial $300 billion U.S. gift card industry.
Targeting Gift Card Consumers
Will Reeves, the Chairman and CEO of Fold, emphasized that by offering Bitcoin as a gift card, they are targeting the vast population of consumers who are already familiar with gift card transactions. This innovative approach serves to integrate Bitcoin into everyday financial practices without requiring extensive blockchain knowledge.
Launch and Accessibility
Fold, which made its debut on the Nasdaq under the ticker symbol FLD in February, originally launched these gift cards in May as a way for users to easily give Bitcoin to others. The process is straightforward: the cryptocurrency can be transferred to users’ wallets after the gift card is redeemed through the Fold app and other platforms.
Expanding their footprint, Fold announced plans to onboard more online retailers, enhancing accessibility for both novice and seasoned Bitcoin users.
Retail Expansion and Market Presence
The partnership with Blackhawk is particularly promising, as it will allow Fold’s gift cards to become available in over 400,000 retail locations and e-commerce platforms, significantly increasing their market presence. A spokesperson for Fold noted that the goal is to maximize convenience and versatility in accessing Bitcoin.
Fold’s Public Offering and Market Trends
Last year, Fold made waves in the financial landscape by announcing its intention to go public through a SPAC merger with FTAC Emerald Acquisition Corp, which valued the company at an impressive $365 million. Adding to the momentum of cryptocurrency adoption, Bitcoin has seen increasing acceptance in mainstream finance, especially following last year’s SEC endorsement of crypto exchange-traded funds (ETFs).
This growing mainstream gravitation towards Bitcoin is mirrored in efforts by political leaders, including former President Donald Trump’s establishment of a Bitcoin strategic reserve, signaling advances in governmental acceptance of the digital asset.
