According to TechFlow, on July 24, The Block reported that Fold, a Bitcoin shopping rebate app, recently announced a merger agreement with FTAC Emerald Acquisition Corp, a Nasdaq-listed company. The transaction has been unanimously approved by the boards of directors of FTAC Emerald and Fold and is expected to be completed in the fourth quarter of 2024, pending approval from regulators and shareholders. After the merger, Fold is valued at $365 million. The newly merged company intends to continue to be listed on Nasdaq, and the new stock code has not yet been announced.
Fold allows users to earn Bitcoin cash back when shopping at retailers such as Amazon, Uber and Starbucks, and offers features such as a debit card and a rewards wheel. Since its launch in 2019, Fold has processed more than $2 billion in transaction volume and distributed $45 million in Bitcoin rewards to customers.
Will Reeves, CEO of Fold, said: "This transaction represents an important step in Fold's mission to expand access to quality Bitcoin financial services. Fold's goal is to make Bitcoin accessible to everyone - through accessible, attractive and useful Bitcoin products that are tailored to meet the needs of consumers, earners and savers."
