Leading Bitcoin Rewards App Folds Into Full Lightning In 2022

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Bitcoin rewards company Fold is fully launching into Lightning by the end of 2022 and has partnered with OpenNode to kick off the process soon.

In a press release sent to Bitcoin Magazine, rewards app giant Bitcoin Fold confirmed that it has committed to integrating Lightning Network support by the end of 2022.

This is an effort to support the growth of the Lightning Network, a second-layer scaling solution, which is proving vital in the bitcoin journey to become a medium of exchange (MoE). Lightning enables low-cost off-chain transactions and near-instant micropayment processing, in addition to greater privacy.

With Fold integrating the Lightning Network, this will bring many new users into the mix. Fold currently has over 500,000 mobile app users, many of whom will be their first experience with Lightning, having previously been exposed to the benefits of bitcoin rewards.

We’re continuing our tradition of moving space to Lightning like we did in the beginning with Lightning Pizza. By inspiring users to use Lightning and choose to receive their rewards in a Lightning wallet, we improve LN adoption, said Will Reeves, CEO of Fold.

To make this possible, Fold has partnered with BTC payment processor OpenNode to help jumpstart this transition to Lightning. This partnership will allow Fold users to withdraw their bitcoin rewards into their own Lightning wallet, available in the coming weeks. The statement said on-chain transactions would only remain available for a limited time.

We’re really excited to partner with Fold to drive Bitcoin adoption and Lightning Network usage through better payment experiences. OpenNode will feed bitcoin payments for Fold, allowing Fold users to withdraw the bitcoin they earn instantly and at the lowest possible cost. We look forward to working with Fold to make many other improvements to the way people earn, transfer and pay with bitcoin, said OpenNode co-founder and CTO Joo Almeida.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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