A Strategic Banking Partnership Designed to Support Fold’s Expanded Account Capabilities and Future Product Growth
Fold Holdings, Inc. (NASDAQ: FLD) (“Fold” or the “Company”), a bitcoin financial services company making it easy for individuals to earn, save and spend bitcoin through everyday financial tools, today announced it has selected Lead Bank as a new banking partner.
The first publicly-traded bitcoin financial services company, Fold has partnered with Lead Bank to strengthen its banking foundation and support the next phase of its growth. Lead Bank, an FDIC-insured institution, will support Fold’s accounts, deposits, withdrawals, and bitcoin trading. The partnership enhances Fold’s financial infrastructure, giving it the ability to build, launch, and scale new products for its customers.
“This marks an important step forward in Fold’s evolution as a full-featured financial services platform,” said Will Reeves, Chairman, CEO and Founder of Fold. “Fold has always worked to make bitcoin part of how people manage money day to day. With Lead Bank as our banking partner, we’re better positioned to keep building products that bring bitcoin into everyday life.”
“Fold has been a pioneer in making bitcoin accessible and useful in day-to-day financial services. Lead’s embedded banking infrastructure, combined with the digital asset expertise of our teams, makes for a strong partnership that supports Fold’s impressive pace of innovation,” shared Jake Mendel, Head of Strategic Partnerships, Lead. “Lead is thrilled to support Fold’s continued growth by providing the underlying infrastructure that powers the core Fold experience.”
The new banking relationship is expected to support expanded account functionality over time, which will include new ways for customers to buy and earn bitcoin through the Fold App. Planned customer-facing features are expected to launch in phases starting later this year, and are expected to ultimately include**:
- Passthrough bitcoin buys: instant BTC purchases* funded from Fold’s FBO balance
- ACH origination: pull deposits, push withdrawals, and outgoing 3rd-party payment
- Same-day ACH, and standard ACH deposits
- FedWire and FedNow transfers (incoming and outgoing)
- Instant withdrawals available 24/7/365 via FedNow
- Higher deposit and withdrawal limits
- Direct deposit with early fund availability
- Auto-stack bitcoin purchases* from external bank accounts
- Account with routing and account number
Fold expects to begin transitioning customer accounts to Lead Bank later this year and is focused on ensuring a smooth customer experience throughout the process.
“Our priority is to introduce new capabilities thoughtfully while continuing to improve the Fold experience for customers,” Reeves added. “As we move into this next phase, we remain focused on building products that bring bitcoin to the everyday person.”
This announcement follows several recent milestones for Fold, including the rollout of the Fold Bitcoin Credit Card, which is not part of the Lead Bank partnership, and recent capital transactions to improve Fold’s ability to scale its consumer and enterprise platforms.
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