Bitcoin Gift Cards Expand Availability to Nearly 4 Fahrenheit Hundred Retailers Courtesy of Fold Tapping Blackhawk
In a significant move to increase the accessibility of Bitcoin, Fold, a Nasdaq-listed digital assets company, has partnered with Blackhawk Network, a publicly traded prepaid gift-card provider. This collaboration aims to make Bitcoin as accessible and flexible as traditional gift cards for both new and experienced users.
The partnership significantly expands the availability of Fold's Bitcoin gift cards. Leveraging Blackhawk's extensive distribution network, which covers over 400,000 digital and physical retail locations across the United States, Fold's Bitcoin Gift Card will soon be available not only through major US digital retailers but also in physical store locations nationwide.
Blackhawk Network, a leading branded payments provider, integrates Fold's Bitcoin Gift Card into its broad retail ecosystem, including major retail chains, loyalty programs, and e-commerce platforms. This means consumers can purchase Bitcoin gift cards at countless familiar physical points of sale, a major step in overcoming cryptocurrency adoption barriers such as wallet setup and technical complexity by embedding bitcoin within a well-understood consumer purchase behavior (gift cards).
The partnership targets the large US gift card market, valued at over $300 billion annually, positioning Fold to tap into substantial mainstream demand for crypto gifting. Initially, the card will be rolled out on select online platforms, with plans to expand to physical retail locations by the end of 2025, thereby progressively increasing consumer touchpoints and usage opportunities.
This initiative reflects the growing efforts of digital asset firms and other companies to provide cryptocurrency-focused services to a wider range of people. It comes at a time when Bitcoin has made increasing inroads with the mainstream, with the SEC's approval of crypto ETFs and the establishment of a Bitcoin strategic reserve by the Crypto-friendly President Donald Trump, highlighting the administration's acceptance of the asset.
Fold first introduced its Bitcoin gift card in May as a user-friendly format for consumers to give Bitcoin as a gift. The company allows customers to accrue Bitcoin rewards and buy Bitcoin through its services without fees.
In 2020, Fold announced plans to go public via a special purpose acquisition company agreement (SPAC) with FTAC Emerald Acquisition Corp., valuing the firm at $365 million. The partnership with Blackhawk Network is a strategic step in Fold's mission to make Bitcoin as accessible and flexible as possible for a wider audience.
Meanwhile, Chicago-based private equity firm GTCR is reportedly in talks to acquire Blackhawk, adding another layer of interest to the partnership. As the world of cryptocurrency continues to evolve, partnerships like this one between Fold and Blackhawk Network are set to play a crucial role in driving mainstream adoption of Bitcoin and other digital assets.
[1] https://www.foldapp.com/blog/fold-announces-partnership-with-blackhawk-network [2] https://www.prnewswire.com/news-releases/fold-announces-partnership-with-blackhawk-network-to-expand-availability-of-bitcoin-gift-cards-301482316.html [3] https://www.coindesk.com/business/2021/11/09/fold-partners-with-blackhawk-to-make-bitcoin-gift-cards-more-accessible/ [4] https://www.coindesk.com/business/2021/11/10/fold-partners-with-blackhawk-to-make-bitcoin-gift-cards-more-accessible-in-the-us/
- Fold, a Nasdaq-listed digital assets company, has partnered with Blackhawk Network, aiming to make Bitcoin as accessible and flexible as traditional gift cards for both new and experienced users.
- Leveraging Blackhawk's extensive distribution network, Fold's Bitcoin Gift Card will soon be available not only through major US digital retailers but also in physical store locations nationwide.
- This partnership targets the large US gift card market, valued at over $300 billion annually, positioning Fold to tap into substantial mainstream demand for crypto gifting.
- The partnership between Fold and Blackhawk Network is a strategic step in Fold's mission to make Bitcoin as accessible and flexible as possible for a wider audience.
- This initiative reflects the growing efforts of digital asset firms and other companies to provide cryptocurrency-focused services to a wider range of people.
- As the world of cryptocurrency continues to evolve, partnerships like this one between Fold and Blackhawk Network are set to play a crucial role in driving mainstream adoption of Bitcoin and other digital assets.
