Bitcoin rewards and payments app Fold has committed to moving to Lightning by the end of 2022 to support the growth of the Lightning Network.
The Lightning Network (LN) is a second layer scalability protocol added to Bitcoin’s network that allows off-chain transactions, enabling near-instant, low-fee, and micropayment processing with enhanced privacy.
“We are continuing our tradition of moving the space towards Lightning as we did before in the early days with Lightning Pizza,” Fold CEO Will Reeves said. “By incentivizing users to use Lightning and opt to receive their rewards in a Lightning wallet, we are bootstrapping LN adoption.”
With more than 500,000 mobile app users, Fold brings a substantial audience that has already been onboarded to the benefits of Bitcoin rewards and can contribute exponentially to the adoption of Lightning.
As a start to this transition, Fold is partnering with OpenNode to enable Fold app users to withdraw their Bitcoin rewards instantly to a Lightning wallet. Fold app users will be able to take advantage of Lightning withdrawals in the coming weeks. On-chain bitcoin withdrawals will still be available for a limited time.
OpenNode makes it easy for businesses to accept Bitcoin payments or send bitcoin payouts while gaining access to a global user base. With instant Bitcoin payments on the Lightning Network, OpenNode provides instant, low-cost payments with zero chargebacks using Bitcoin.
“OpenNode is passionate about driving Bitcoin adoption, and with this partnership, we are excited to give Fold app users the ability to withdraw their bitcoin rewards instantly to a Lightning wallet,” João Almeida, co-founder and CTO at OpenNode said. “As we continue on the journey towards mass adoption of Bitcoin around the world, we’re proud to be working with the leading bitcoin rewards and payments app, Fold, to increase the use of the Lightning Network.”
