Bitcoin company Fold has announced its plans to expand in El Salvador, including the establishment of a new office that will serve as its base for operations in Latin America.
Fold is renowned for introducing the first Bitcoin debit card in the United States, making Bitcoin accessible and user-friendly. Currently, it processes $1 billion in transactions.
In a statement, Fold’s CEO, Will Reeves, expressed enthusiasm about the project, stating, “As a country that promotes Bitcoin and has been a pioneer in adopting new monetary technology, we believe El Salvador is the perfect place for Fold to expand its presence in Latin America.”
Reeves also highlighted three reasons for choosing El Salvador. Firstly, they aim to establish a regional operations center. Secondly, they hope to recruit local talent with expertise in technology and support. Lastly, they seek to operate in a favorable commercial and cultural environment for Bitcoin.
“At Fold, we process $1 trillion in transactions and distribute over 50 trillion satoshis in Bitcoin rewards to our community in the United States. Now, we are going global, and our first stop is the Bitcoin country: El Salvador,” Reeves emphasized. “We are not the first to move to El Salvador, and we won’t be the last. This is just the beginning. Onward!”
Stacy Herbert from El Salvador’s National Bitcoin Office commented on Fold’s expansion, stating that it is a significant milestone for the company, which continues to foster a global Bitcoin community. “Fold certainly aligns with the description El Salvador aims to attract, and we are excited to welcome them to the Bitcoin country,” Herbert said.
This new investment adds to others that have arrived in the country, attracted by the Bitcoin Law and the Digital Assets Law. According to government data, there are currently 80 Bitcoin service providers and three digital asset service providers operating in the country.