Bitcoin rewards company Fold has expanded into Latin America by establishing an office and local team in El Salvador. Despite a recent spike in blockchain transaction fees that has disproportionately impacted users of the cryptocurrency, Fold's partnership with Visa to offer a prepaid debit card that rewards users with up to 1% cash back paid in bitcoin (BTC) has continued to grow. The decision to establish a base in Latin America comes at a time where Bitcoin transaction fees have become prohibitively expensive for some Salvadorans due to a sudden explosion in transactions precipitated by the on-chain minting of BRC-20 tokens. However, the flurry in on-chain activity is showing signs of slowing down as congestion in the Bitcoin mempool has eased.
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