Fold Wallet

Fold operates a consumer financial services platform built around bitcoin. Users can buy bitcoin with instant, recurring and round-up purchases, send bitcoin to external wallets, split direct-deposited paychecks between cash and bitcoin, pay bills such as mortgage and credit card payments, and withdraw cash at ATMs. Rewards are paid in satoshis and can be earned on card spending, eligible bill payments and gift card or merchant purchases.

The platform is not a bank. The Fold Card is a Visa rewards card issued by Sutton Bank, and USD balances are described as eligible for pass-through FDIC insurance up to $250,000 per ownership category through Sutton Bank if certain conditions are met, while customer bitcoin is described as insured through BitGo custody. Bitcoin holdings are explicitly stated not to be FDIC insured. A paid tier, Fold+, provides zero fees on bitcoin purchases and no added fees on ATM withdrawals, with standard network and third-party fees still potentially applying.

Business model

Fold provides a consumer account, card and bitcoin brokerage experience, with a subscription tier (Fold+) that removes bitcoin purchase fees and added ATM withdrawal fees. Card issuance is handled through partner bank Sutton Bank and bitcoin custody through BitGo.

The site indicates a paid subscription tier, Fold+, whose benefits include zero fees on bitcoin buys and no added ATM fees; standard fees apply to non-subscribers.

Traction

The company states that users have accumulated more than 68 billion sats since Fold launched in 2019. User testimonials reference multi-year usage, individual reward balances in the millions of sats, gift card merchant additions and a redesigned app.

Latest developments

The website promotes a refreshed app experience, expanded gift card merchants, bill payment rewards, early paycheck access of up to three days, and a $10 sats offer for new users; user commentary references an anticipated credit card product.