Bitcoin Rewards Company GoSats Raises $700,000 Seed Round
The platform focuses on mainstreaming bitcoin adoption to help average consumers become passive earners of bitcoin
The Indian crypto space is widening beyond exchanges. GoSats, a bitcoin rewards company, announced on Wednesday that it has raised $700,000 Seed funding from a group of investors. The platform focuses on mainstreaming bitcoin adoption to help average consumers become passive earners of bitcoin.
“GoSats is the gateway for a billion people in India to own bitcoin. In a time when inflation is destroying wealth around the world, bitcoin protects the wealth of people and allows them greater freedom and ownership over their future. That's a great thing, and I'm honored to be an investor in a company that can benefit so many people,” said Trevor Owens, managing partner, Stacks Accelerator.
The Bengaluru-based startup, co-founded by Mohammed Roshan and Roshni Aslam, introduced GoSats into the Indian market in February 2021, and in this short span of time, it has on-boarded more than 15,000 customers. GoSats enables a low-friction way to accumulate free bitcoin while consumers shop online. The platform features more than 120 brands including the likes of Flipkart, Amazon, Swiggy, Big Basket, and Myntra.
“I firmly believe that bitcoin is the greatest store of value in recent times, and to make it accessible to the masses the company has come up with a unique solution. 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 to its volatility in the short term. GoSats solves both problems at once in a unique way,” noted Sathvik Vishwanath, chief executive officer, and co-founder, Unocoin.
The Seed funding round featured some prominent names like Alphabit Fund, Fulgur Ventures, Stacks Accelerator, and SBX Capital. The funding round was also supported by a few angel investors including Ajeet Khurana of Zebpay, Sathvik Vishwanath of Unocoin, Mohit Madan of Oropocket, Sharan Nair, of Coinswitch Kuber, and a few others.
“It’s fascinating that a significant number of our user-base never held bitcoin before they signed up with GoSats and we are happy to facilitate their journey into the world of crypto-assets in a risk-free manner. Through this funding, our focus is to scale the adoption of bitcoin in India and to build a bitcoin rewards solution for brands,” added Mohammed Roshan, chief executive officer, GoSats.
As of today, GoSats users can shop at supported brands via the GoSats 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 per cent (depending on the brand) is credited into the user’s GoSats bitcoin wallet, the company shared.