Folds It recently released a Direct to Bitcoin feature as part of a suite of features that the Fold team calls its Bitcoin Checking Account. Fold users can now automatically transfer anywhere from 1% to 100% of their fiat deposits into Bitcoin from a checking account from which they can also make payments.
This new feature is the first of many that the company plans to release in the coming months that will help its users live more easily by Bitcoin standards.
You can now move to the Bitcoin standard in two clicks using @fold_app.
Earn Bitcoin and maintain access to all the daily financial tools you need. pic.twitter.com/V8BQgwTs7S
– Will Reeves (@wlrvs) May 31, 2024
“Direct to Bitcoin is an automated way to balance the dollar and bitcoin for any incoming funds, which is basically the base that the Fold product runs on,” Will Reeves, CEO of Fold, told Bitcoin Magazine.
“It really provides a fully-functional banking experience for Bitcoin users, which hasn't existed in a great way until now,” he added.
In this new phase for Fold, Reeves and his team want to make it easier for Bitcoin users to use Bitcoin as their primary money, something they not only collect through the app but can also easily convert to US dollars when they want to make a payment. , also.
To help usher in this new era, Fold has hired ecosystem leader Brian Harrington, whose first major task is to bring Bitcoin checking account features to market.
The banking features you need
Your preferred currency
Bitcoin is better than the dollar https://t.co/eKxJplD11i
– Brian Harrington (@BrainHarington) May 31, 2024
Harrington is known for his work in Application of choice, where he directed the marketing efforts for the first Bitcoin IRA in 2020, a pitch that changed the public's perception about holding Bitcoin in an IRA. Now, many companies offer Bitcoin IRAs.
Harrington looks very excited as he prepares to draw attention to his Bitcoin account Fold. He wants people to be able to convert their Bitcoin into US dollars and then spend those dollars all in one app, an idea born out of his frustration.
“I'm tired of switching back and forth between the bank and the Bitcoin exchange,” Harrington told Bitcoin Magazine.
“The checking account product solves what I call having an ACH gateway. What is a bank? It's access to the ACH network. I don't want to use an ACH gateway at an institution that is denominated in US dollars anymore,” he added.
“After researching these solutions myself, I'm excited to work with Will and the team to make this cohesive.”
However, both Harrington and Reeves stressed that there is more to what Fuld is looking to achieve than just these two features as they stand alone.
“What Fold does is bigger than just one feature,” Harrington said.
“It's not about the features. It's about this thing that's happening with the Fold,” he added.
Reeves stepped in to clarify.
“Bitcoin is becoming more and more at the center of our lives and millions of lives,” he explained.
“The world has become much more expensive for people who hold dollars, and it has become cheaper for Bitcoin users, but there is no bank for Bitcoin users,” he added.
“We're focusing on how we can be a bank for bitcoin, which doesn't exist today.”
To learn more about Fold and its future plans, check out our latest news Founders profile On Reeves.
Download the Fold app here.