Bitcoin Rewards Firm Fold Announces Nasdaq Debut Via SPAC Merger

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Fold, a pacesetter when it comes to delivering Bitcoin financial services, has announced its intention to go public on Nasdaq. However, according to the press release, it will be doing this through a special purpose acquisition company (SPAC) merger with FTAC Emerald. This collaboration values Fold at an impressive $365 million pre-money, showcasing the growing influence of Bitcoin and its incorporation into financial services.

Since its inception in 2019, Fold came bringing a change to traditional financial services. That is, by offering Bitcoin rewards on everyday transactions such as debit card purchases and bill payments.

So far, the platform has processed more than $2 billion in transactions and disbursed $45 million worth of Bitcoin rewards to its users. This unusual approach has earned Fold a widespread acclaim as one of the first to incorporate cryptocurrency into daily financial activities.

Fold Keen on Championing Crypto Adoption Globally

Fold’s decision to go public comes at a time of increasing institutional and consumer interest in digital assets. This was highlighted in a comment by Fold CEO Will Reeves, where he noted that the company is well-positioned to capitalize on the growing demand for digital currency solutions. That is, considering that it expects that going public with FTAC will leave more than 1,000 Bitcoin (BTC) on its consolidated balance sheet.

Building on its user base and laudable technological infrastructure, Fold would be seeking to expand its suite of services to include credit and lending solutions. By doing so, the firm hopes to cater to a broader range of financial needs within the fast-paced crypto ecosystem. In view of this, Reeves stated:

“Fold aims to make bitcoin available to everyone—through accessible, engaging, and useful bitcoin products that are tailored to meet the needs of spenders, earners, and savers.”

Fold’s expansion plans are set to capitalize on the momentum generated by increasing institutional adoption of Bitcoin and other cryptocurrencies. By enhancing its product offerings and scaling its operations, Fold would only been cementing its place as a leading provider of Bitcoin-centric financial solutions globally.

Disclaimer: This article is intended solely for informational purposes and should not be considered trading or investment advice. Nothing herein should be construed as financial, legal, or tax advice. Trading or investing in cryptocurrencies carries a considerable risk of financial loss. Always conduct due diligence before making any trading or investment decisions.