TechFlow News — On July 24, according to The Block, bitcoin cashback app Fold recently announced a merger agreement with FTAC Emerald Acquisition Corp., a Nasdaq-listed company. The deal has been unanimously approved by the boards of both FTAC Emerald and Fold, and is expected to close in the fourth quarter of 2024, subject to regulatory and shareholder approvals. Following the merger, Fold will be valued at $365 million, and the combined company intends to continue listing on Nasdaq, though the new ticker symbol has not yet been disclosed.
Fold enables users to earn bitcoin cashback when shopping at retailers such as Amazon, Uber, and Starbucks, and also offers features like a debit card and reward wheel. Since its launch in 2019, Fold has processed over $2 billion in transaction volume and distributed $45 million worth of bitcoin rewards to customers.
"This transaction represents a significant step forward in Fold's mission to expand access to premium Bitcoin financial services," said Will Reeves, CEO of Fold. "Our goal is to make Bitcoin accessible to everyone—through accessible, engaging, and useful Bitcoin products designed specifically to meet the needs of consumers, earners, and savers."
