Will Reeves, CEO at Fold conveyed the news that Lightning payments are now enabled within Fold. This development was reported in a blog dated 10 July.
Will emphasized that Fold was the easiest, fastest and cheapest way to spend bitcoin at favorite retailers in-store or online. He highlighted that all Fold users could spend their satoshis instantly and with nearly zero fees. The retailers for such a provision include Amazon, Starbucks, Uber, REI, Home Depot, Southwest Airlines, Target, AMC, Whole Foods and many more. Will noted that merchants would settle payments via their prepaid access programs.
Will quoted on a point of distinction of Fold –
“While Lightning revolutionizes the payments experience, you can still expect the same features that make Fold different: no KYC, no mandatory signup, no hidden markups, no altcoins and completely non-custodial. Fold preserves the way Bitcoin is meant to be used.”
Will sustained by adding briefly about how the transaction process works. The user has to navigate to Fold and choose their retailer and denomination. Going forward, the user has to open their lightning wallet and pay the invoice. Finally, they pay in-store via barcode or online via alphanumeric code. Will indicated that Bitcoin provides a notably better way to pay, one that preserves privacy, resists censorship and is global.
Will further added that it was their endeavor to build products that make spending bitcoin seamless. Such transactions make it easy to use, rewarding and widely accepted comparable to using a credit card. Will substantiated that in addition to Lightning payments there were many other features in store for users across the globe including – a growing list of participating retailers, integrations with partner wallets and ecosystems among others.
In June, there were reports of the HodlHodl team announcing that Lightning trades were available at their website. HodlHodl commenced by headlining that users would be able to buy bitcoins and receive them directly into their Lightning wallet. The users are also benefited to sell bitcoins directly from their Lightning wallet. The P2P bitcoin exchange recently announced public testing of Lightning powered trades at their test portal.
Will threw light on the insight that while Lightning was new to Fold, it was not new to their team. With the release of Lightning Pizza back in February, they have since served thousands of customers and enabled tens of thousands in transaction volume over the Lightning Network. Will asserted that they would aim to continue to build tools and services over the Lightning Network to unravel new utilities for Bitcoin. He also extended outreach on Twitter for any feedback or questions.