Matt Luongo, the founder of Fold, and his team are known for helping their app participants spend bitcoins at large retailers such as Starbucks, Target and Whole Foods, and today they have returned to their roots by re-launching another product they created for the space, to help people make bitcoins.
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 by the team in the background.
For a small amount on a gift card, no personal information is required from participants. When card amounts exceed a certain limit, some information is required for regulatory reasons to verify the account.
Luongo tells Bitcoin Magazine that he is particularly excited about how this business creates the opportunity for people to quickly launch a small business without much startup capital, as well as to help people get their first bitcoins. He said in a statement that, “some of our best customers have been enterprising teenagers who buy gift cards from their friends, as well as small business owners who run kiosks and pawn shops, and wanted to get into Bitcoin.”