Fold, the US-based bitcoin payments startup now initiates (LN) Lightning Network payments at many prominent retailers. It includes Amazon, Starbucks, Uber, Home Depot, REI, Southwest Airlines, Target, AMC, and others. It will enable the users to spend cryptocurrency at these platforms.
According to Fold, the involved retailers will clear user’s LN payments in sums of satoshis or one-millionth of one Bitcoin. They can use their prepaid access programs in preferable currency. Besides scalability and accessibility, LN also intends to be loyal to the principles of crypto. That implies no KYC (Know-Your-Customer) checks, free from custodial system and no support for altcoins.
The Fold site will process transactions in the Lightning Network payments. Here users can choose a retailer and settle the bill with the LN wallet. After the payments, the user will receive a gift card at a maximal worth of $25. This voucher is redeemable both in stores and online using barcode or alphanumeric code respectively.