There are some rumours circulating on the Internet regarding the demise of the Fold app. Contrary to what some people may prefer to believe, the platform is alive and well. Granted, there is a bit of a drought when it comes to finding people willing to sell their gift cards. However, a new platform infrastructure is being developed, which will support additional brands in the future.
Fold Is Planning A Big Upgrade
According to a recent Reddit post, interesting things are happening for the Fold team After seeing a lot of initial success thanks to their option to purchase Starbucks with Bitcoin; the company decided to add more brands over time. This is not an easy process, though, as there needs to be a significant demand and even bigger supply of available gift cards to buy and sell.
For the time being, the company is planning to add some more brands, although no specific names were disclosed at the time of publication. The infrastructure used to power the Fold app is being upgraded, which may cause a bit of downtime now and then. But rest assured, Starbucks is still supported, and will continue to be for the foreseeable future.
It has to be said, however, the Starbucks service has degraded a bit over time. The lack of communication from the Fold team has some people concerned.In most cases, the issues stem forth from no available supply of gift card balances to redeem in exchange for Bitcoin. If no one sells their [remaining] gift card balance to Fold, they cannot resell the value either.
Fold has plans to improve their inventory availability, albeit this is a process that will take a while to complete. A timeline for improvements will be provided in a future blog post on the Fold website as well. Starbucks is not the only available offering through the app, though, as Target gift card support was added not too long ago.
One of the potential additions is Home Depot, a service the Fold developers have hinted at in the past. International users will still have to wait for supported cards, unfortunately, as there seems to be little demand. It will be interesting to see which brands will be added in the coming months. Fold is an amazing platform and it has a lot of potential to take Bitcoin mainstream.
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