Bitcoin rewards company GoSats raises $700,000 in seed funding1 min read . Updated: 04 Aug 2021, 01:41 PM IST
- GoSats will use the funding to focus on the scale of the adoption of bitcoin in India and to build a bitcoin rewards solution for brands
GoSats, a bitcoin rewards company has raised $700,000 in seed funding from a clutch of investors, including Alphabit Fund, Fulgur Ventures, Stacks Accelerator and SBX Capital.
The funding round was also supported by a few angel investors, including Ajeet Khurana, former chief executive officer (CEO) of Zebpay, Sathvik Vishwanath, CEO of Unocoin, Mohit Madan, co-founder of Oropocket, Sharan Nair, chief business officer of Coinswitch Kuber and a few others.
The Bengaluru-based startup was co-founded by Mohammed Roshan and Roshni Aslam in February 2021 and has onboarded more than 15,000 customers so far.
According to Roshan, GoSats will use the funding to focus on the scale of the adoption of bitcoin in India and to build a bitcoin rewards solution for brands.
GoSats enables an easy way to accumulate free bitcoin while consumers shop online. The startup has more than 120 brands, including Flipkart, Amazon, Swiggy, Big Basket and Myntra on its platform.
GoSats users can shop at supported brands via its mobile app available for Android and iOS phones as well as the GoSats Chrome extension. They can even purchase vouchers of various amounts on any of the listed brands with UPI or credit/debit cards. After the payment is successful, a fraction of bitcoin that is a cashback of up to 20% (depending on the brand) is credited into the user’s GoSats bitcoin wallet.
Commenting on the funding, Vishwanath, who had co-founded India’s first bitcoin trading platform, Unocoin, in 2013, said: “The traditional rewards industry is extremely fragmented. Reward points get discarded due to them not being valuable enough and having lots of restrictive terms and conditions. On the other side, while the writing about gains through bitcoin is on the walls, a common man would be afraid due its volatility in the short term. GoSats solves both problems at once in a unique way."
Sats is short for satoshis (named after the creator of bitcoin Satoshi Nakamoto), which is the smallest denomination of a blockchain token. One sat represents one hundred millionth of a single token or in other words 100 million satoshis make one whole token.
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