Fold launches Pokémon GO-like game that rewards players in bitcoin

Fold, a crypto firm that operates a debit card and an app to provide bitcoin cashbacks for shopping, has launched a Pokémon GO-like game that rewards players in bitcoin.

The game was first announced in August when Fold opened a waitlist for it. Today the game has been officially launched, and Fold said it has partnered with the Pokémon GO creator Niantic for the same.

The game is called Fold AR (augmented reality) and is available within the Fold app. It allows players to explore their surroundings while searching for bitcoin and other rewards "every 10 minutes."

"Initially, you can earn SATs [satoshis] in the 1-10,000 range, which is a denomination of bitcoin, but you can also earn spins, which allows you to earn even more bitcoin via the Fold app," Fold CEO Will Reeves told The Block. One satoshi equals 0.00000001 bitcoin ($0.001) at current prices and 10,000 satoshis equals 0.00010000 bitcoin (around $6).

In the future, players will also be able to find "actual collectibles" that will enable them to have "special privileges, increased earning opportunities, and benefits as well, such as a permanent increase in rewards," said Reeves. 

Fold aims to attract more non-crypto users to its platform with the game. It currently has 250,000 users, said Reeves, adding that the firm aims to target "the 100s of millions that don't have bitcoin today."

The game is currently available where Fold is operating, including the U.S., said Reeves, adding that more jurisdictions will be supported in the future. 

"We hope to harness the natural network effects of bitcoin by creating a novel medium to interact with bitcoin that focuses on fun and community," said Reeves. "Additionally, this establishes a precedent for embedding bitcoin wallets into the world of mobile games."