Fold adds new features and team members to better bank Bitcoiners.
Fold recently launched the Direct to Bitcoin feature as part of a feature set that the Fold team calls the Bitcoin Checking Account. Fold users can now automatically convert 1% to 100% of their fiat deposits to Bitcoin in their payable checking accounts.
This new feature is the first of many the company plans to roll out in the coming months to help users live more easily with Bitcoin standards.
Now you can switch to Bitcoin Standard in just two taps. @fold_app.
Earn money with Bitcoin and maintain access to the financial tools you need. pic.twitter.com/V8BQgwTs7S
— Will Reeves (@wlrvs) May 31, 2024
“Direct to Bitcoin is a way to automatically balance the dollar and Bitcoin for all incoming funds and is essentially the foundation upon which Fold products operate,” Fold CEO Will Reeves told Bitcoin Magazine.
“This actually provides a full-featured banking experience for Bitcoin users that hasn’t existed in a good way until now,” he added.
In this new phase of Fold, Reeves and his team want to make it easier for Bitcoiners to use Bitcoin as their primary currency. Not only can Bitcoin be accumulated through the app, but it can also be easily converted to US dollars when you want to make payments. , also.
To usher in this new era, Fold has hired ecosystem lead Brian Harrington. His first major task was to bring the functionality of a Bitcoin checking account to market.
Essential banking features
Preferred Currency
Bitcoin is better than dollar https://t.co/eKxJplD11i
— Brian Harrington (@BrainHarrington) May 31, 2024
Harrington is best known for leading the marketing efforts for Choice App’s first Bitcoin IRA account in 2020. This account changed public perception about holding Bitcoin in an IRA. Many companies now offer Bitcoin IRAs.
Harrington seems very excited as he prepares to draw attention to Fold’s Bitcoin checking account. He wants people to be able to convert Bitcoin to US dollars and then spend those dollars all in one app. This idea was born out of his own frustration.
“I was tired of going back and forth between banks and Bitcoin exchanges,” Harrington told Bitcoin Magazine.
“The checking account product solves the problem of what I call the ACH portal. What is a bank? Access to the ACH network. I no longer wanted to use the ACH portal at a USD maximalist institution,” he added.
“After searching for these solutions ourselves, we’re excited to work with Will and the team to make them cohesive.”
Harrington and Reeves emphasized that what Fold is trying to achieve is bigger than these two features.
“What Fold does is bigger than a single feature,” Harrington said.
“It’s not about functionality. “This is exactly what happens at Fold,” he added.
Reeves chimed in to elaborate.
“Bitcoin is becoming increasingly central to our lives, and to the lives of millions of people,” he explained.
“The world is getting more and more expensive for people who hold dollars, and it’s getting cheaper for Bitcoin users, but there are no banks for Bitcoin users,” he added.
“We are focused on how we can be the bank for Bitcoin users where none exists today.”
To learn more about Fold and its future plans, check out our latest: Founder Profile To Reeves.
Download the Fold app here.
