According to TechFlow, Bloomberg reported, citing people familiar with the matter, that Bitcoin rewards company Fold Inc. is in in-depth negotiations with FTAC Emerald Acquisition Corp, a blank check company founded by SPAC veteran Betsy Cohen, and plans to go public through SPAC. The deal will value Fold at nearly $500 million and could be announced as early as Wednesday.
It is reported that Fold was founded in 2019 and its business model allows users to earn Bitcoin through debit card shopping, similar to the cash back program of traditional credit cards.
