Bitcoin Daily: Canaan Reports $148.6M In Losses For 2019; Shopping App Fold Signs On To Visa Fast Track Program

Canaan Creative, the Chinese bitcoin miner maker, registered a net loss of $148.6 million for last year on $204.3 million in revenue, CoinDesk reported.

The company said it had $114.7 million net loss in just the fourth quarter of last year. Canaan, for its part, put forward its inaugural earnings report after going public last November in the United States.

The price of the company’s stock has been declining as of its initial public offering (IPO) and reportedly trades at approximately $3.50 for each share as of now. Canaan said it sold overall computer power of 10.5 exhashes per second that comprised for approximately 20 percent of the computing power growth of the bitcoin network in 2019.

In a Thursday earnings call, as cited by CoinDesk, Canaan Founder and CEO Nangeng Zhang said the company witnessed a “considerable drop” in volume in December with the unsteadiness in the price of bitcoin even though the firm had registered a rise in sales in October as well as November.

In other news, bitcoin shopping app Fold has become a part of Visa’s FinTech Fast Track program, which will accelerate its integration with the payments firm, per an announcement.

Fold will now have the ability to provide a co-branded Visa card that lets consumers receive bitcoin rewards via Fast Track.

With the Fold card, customers will be able to spend dollars and earn bitcoin in return on each purchase. Fold CEO Will Reeves said in the announcement, in part, “Fold makes it easy for anyone to get their first piece of bitcoin when using the Fold card to earn bitcoin rewards on any purchase.”

Fold said in the announcement that its clients might prefer bitcoin over loyalty points, airline miles and other rewards programs specific to stores. It also noted that “since bitcoin has no expiration date, the rewards can be used to offset the cost of a consumer’s next purchase, saved, or withdrawn — giving consumers freedom and flexibility.”