New York-based Fold offers a cashback debit card which provides bitcoin rewards instead of traditional rewards. Fold's cards have processed over $2 billion in volume and distributed more than $45 million worth of rewards.
The transaction for Fold's public listing with SPAC Emerald Acquisition Corp. will have a pre-money equity valuation of $365 million, with over 1,000 BTC ($67 million) on the post-transaction entity's balance sheet.
SPACs were popular for crypto firms in attaining public listings during the last bull cycle; however, the recent crypto winter in 2022 led to the cancellation of several SPACs.
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