Matt Luongo, the founder of Fold, and his team are known for creating an app that lets you spend bitcoins at large retailers such as Starbucks, Target and Whole Foods for a discount. Today they have returned to their roots by re-launching another product they created for the space, to help people earn bitcoins from their gift cards.
The product is called Card For Coin and in a statement to Bitcoin Magazine , Luongo explains that it is a re-release of their first release, originally launched in 2014 .
Since 2014, the team spent more time focusing on developing the consumer side of their other business, which they called Coin for Coffee, until it was rebranded to Fold when the scope of the app broadened to niches other than coffee. Now, Luongo tells Bitcoin Magazine that the team is “excited to revamp their founding product.”
The goal of Card For Coin is to allow participants to sell gift cards for Bitcoin. For the launch, Card For Coin allows users to exchange gift cards at Starbucks, Target and Walmart, but Luongo hinted to Bitcoin Magazine that they have some big partnerships set in the coming months on this side of their business.
“Imagine any time you get a gift card you don’t want, you can immediately convert it to bitcoin,” he said.
The user interface allows you to enter the details of your gift cards on the website, including the serial number and pin, which Luongo explains can be done with either a physical or online card, as well as a wallet address to receive the bitcoins. Participants receive an offer from the Card For Coin team for the card in bitcoin shortly after, usually between 60 percent to 80 percent, depending on the retailer the gift card is for. The sales process is handled […]
