Foldapp: ‘Top 30 Retailers in the US Are All in Our Sights'
Cointelegraph spoke with the founder of Fold, Matt Luongo.
Cointelegraph spoke with the founder of Fold, Matt Luongo, on how the company has been able to offer a 20% at Starbucks for Bitcoin users, its planned integration with Target, Whole Foods and other major retailers, and the problems still facing the growing Bitcoin ecosystem.
“What we want to do is change [consumer] behavior.”
- Matt Luongo
Foldapp is a website that allows you to get 20% off Starbucks purchases by paying with bitcoins and scanning a QR code at the counter. The startup is not only looking to add merchants that accept gift cards, but is also developing an innovative method for familiarizing people with Bitcoin who have never used it before.
Cointelegraph: First, can you tell me a little about yourself, your background and why you decided to start Fold?
Matt Luongo: I've worked in startups since 2010, as a founder and as an engineer. A few companies ago, I built a site to buy people's unused gift cards. I forgot about the project, but at the end of 2013 I revisited it. The old project used PayPal, which was a huge pain to work with, so I rebuilt it around bitcoin. After launch, I got some unexpected press and a ton of feedback validating the business.
I brought on two co-founders. I knew Corbin [Pon] and Chris [Martin] from Georgia Tech. Corbin and I had co-founded Scholrly, a research search engine, together and I wanted to work with Chris for a while.
We put our heads together, and tried to figure out what to do with all these gift cards. And we realized that if we did it right