Fold will expand to El Salvador, with its sights set on Latin America

The company behind the first bitcoin (BTC) debit card that grants rewards for shopping, Fold, announced the expansion of its business to El Salvador. They want to bring their services to Latin America.

According to informed According to the CEO of the company, Will Reeves, El Salvador is “the perfect place” for the expansion of Fold in Latin America. The foregoing, considering that the Salvadoran nation will be the central axis of the company’s programs for the Hispanic region.

According to Reeves, in El Salvador they will be able to “recruit abundant qualified local talent in technology and support.” Besides, they will be able to “operate in a Bitcoin-friendly business and cultural environment.”

The latter pointed out by Reeves reminds us of the recently approved Law for the Promotion of Technological Innovation and Manufacturing which, among other things, seeks to promote the technology industry in El Salvador from the exemption from various taxes.

Stacy Herbert, who is part of the National Bitcoin Office, a Salvadoran government agency that oversees the adoption of BTCconfirmed the expansion of Fold and celebrated it.

On Twitter, the bitcoiner official he pointed what Fold is in the process of opening offices in San Salvadorthe country’s capital, and also “is hiring the first local group of executives.”

At @fold_app we’ve processed $1b in transactions and distributed over 50b sats in bitcoin rewards to our community in the United States.

Now we’re going global and our first stop is Bitcoin Country— El Salvador.https://t.co/LdXwKVvCO5

— WILL REEVES (@wlrvs) May 15, 2023

According to Fold’s announcement, its expansion to El Salvador will be accompanied by partnerships with major players in the cryptocurrency industry in Latin America.

In addition, “it will bring valuable solutions to consumers and businesses in the region through its rewards program,” review Bitcoin Magazine.

Fold is one of the first companies to launch a BTC debit card that provides returns in that cryptocurrency when making payments. The launch of that product it was made in 2020from the hand of the payment giant Visa, as reported by CriptoNoticias.

According to the data of the platform, the infrastructure of rewards with bitcoin through Fold has processed more than USD 1 billion in volumeas a sample of the growth they have had since its launch.