Fold Holdings Incorporated, a publicly traded Bitcoin financial services company, has announced that its platform is now available in all 50 states of the United States. This expansion was made possible through a strategic partnership with BitGo Bank & Trust, which recently obtained a federal bank charter from the Office of the Comptroller of the Currency (OCC). This development marks a significant milestone for American consumers, as Fold becomes the first company to offer Bitcoin services nationwide under a federally supervised trust framework. Previously, access was limited due to individual state licensing and regulatory barriers, especially in states with stringent laws like New York. With BitGo’s charter, Fold can now provide Bitcoin exchange and custody services even in these previously restricted areas.
According to Fold’s CEO Will Reeves, “BitGo Bank & Trust’s federal bank charter combined with Fold’s Bitcoin financial products has created the first true national framework for Bitcoin access in the US.” He explained that the system eliminates the complex web of state regulations by offering a clear, centrally regulated structure beneficial to both companies and consumers. Fold’s product offerings include Bitcoin gift cards and an upcoming Fold Bitcoin credit card, now accessible to users nationwide. The federal oversight enabled by BitGo’s digital asset infrastructure also facilitates innovation in payments, rewards, and custody services.
Frank Wang, Executive Director of FinTech Sales at BitGo, stated that after obtaining the federal bank charter, BitGo can now support customers on a national scale, with Fold serving as a natural partner. He noted that geographic restrictions had previously limited access, but the new national framework allows both companies to operate responsibly across the entire US. This partnership allows Fold to reach a broader customer base while aligning crypto services with federal standards. However, Fold acknowledged that reliance on BitGo means any regulatory or operational issues on BitGo’s side could impact its nationwide services. Fold has begun onboarding customers nationwide and will provide further details on product availability in the near future.
Source: bitcoinmagazine
