Fold doubles down on their support of the Lightning Network and will help grow capacity by up to 20%.
San Francisco, Calif. – September 1, 2021 – Fold, the leading bitcoin rewards and payments app, has committed to going 100% Lightning by the end of 2022 to support the growth of the Lightning Network.
The Lightning Network (LN) is a second layer scalability protocol added to Bitcoin's network that allows off-chain transactions, enabling near-instant, low-fee, and micropayment processing with enhanced privacy. Fold CEO Will Reeves commented,
We are continuing our tradition of moving the space towards Lightning as we did before in the early days with Lightning Pizza. By incentivizing users to use Lightning and opt to receive their rewards in a Lightning wallet, we are bootstrapping LN adoption.”
With over half a million mobile app users, Fold brings a substantial audience that has already been onboarded to the benefits of Bitcoin rewards and can contribute exponentially to the adoption of Lightning.
Partnership with OpenNode
As a start to this transition, Fold is partnering with OpenNode to enable Fold app users to withdraw their bitcoin rewards instantly to a Lightning wallet. Fold app users will be able to take advantage of Lightning withdrawals in the coming weeks. On-chain bitcoin withdrawals will still be available for a limited time.
OpenNode makes it easy for businesses to accept bitcoin payments or send bitcoin payouts while gaining access to a global user base. With instant Bitcoin payments on the Lightning Network, OpenNode provides instant, low cost payments with zero chargebacks using Bitcoin.
João Almeida, Co-founder & CTO at OpenNode commented,
We're really excited to partner with Fold to drive Bitcoin adoption and Lightning Network usage through better payments experiences. OpenNode will power Bitcoin payouts for Fold, enabling Fold users to withdraw the Bitcoin they earn instantly, and at lowest cost. We look forward to working with Fold to make many more improvements to the way people earn, transfer, and pay with Bitcoin.
About Fold
Fold, the bitcoin rewards company, offers the easiest and simplest way to earn bitcoin. Holders of the Fold Bitcoin Rewards Visa Debit Card can earn up to 100% cashback in bitcoin or a whole bitcoin on any purchase. By spinning the wheel on the Fold mobile app, available for download for Android or iOS, cardholders can earn even more bitcoin back with every swipe. Users of the Fold mobile app also have the ability to spend bitcoin via the Lighting Network, while earning bitcoin cashback.
About OpenNode
Founded in 2018, OpenNode provides secure, reliable payment acceptance and payout solutions for businesses. From payment buttons to hosted checkout, and e-commerce plug-ins to optimized APIs, OpenNode offers businesses the benefits of instant, lowest cost payments made possible by Bitcoin, the world's best decentralized payment network; and the Lightning Network, Bitcoin's leading scaling solution.
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Fold Contact: Hillary Miller, hillary[at]foldapp.com
OpenNode Contact: Ryan Flowers, ryan[at]opennode.com