GoSats Raises $4 Mn To Enhance Their Bitcoin Rewards Program Last year, the startup announced a seed funding of $700,000 and was a winner in the Binance Build for Bharat Hackathon
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GoSats, a crypto on-ramp platform, has secured a $4 million raise from multiple private investors in their pre-Series A funding round.
The funding round was conducted with an aim to scale up and enhance GoSats' operations to a higher level, and thus the funds will essentially focus on acquiring resources that enables GoSats to magnify their exclusive bitcoin rewards program, build crypto rewards as an API service for brands to seamlessly offer crypto assets as loyalty points and develop a strong and talented workforce with effective hiring, said a statement.
"We are happy to be supported by some fantastic forward-thinking investors that understand and believe in the future that we envision would make a better world. When we launched last year, our goal was to build a gateway to bitcoin adoption without any risk to the user. Having personally worked with 2 crypto exchanges, I don't believe exchanges are the answer to mass crypto adoption and awareness especially in a country like India where people prefer simplicity and are risk-averse," said Mohammed Roshan, CEO and co-founder, GoSats.
GoSats was part of the first cohort of Atoms - a program by Accel to support pre-seed startups with $250,000 in non-dilutive capital, mentorship from founders and operators, and a community to help them grow.
"We are delighted to see GoSats, part of Accel Atoms, raise its next round of funding to grow and scale. Both Roshni and Roshan understand the Indian blockchain and cryptocurrency space well and recognize the steep learning curve they pose to the first-time user. With GoSats, they aim to flatten that curve and to provide India with the simplest gateway to Bitcoin to be able to participate in a new generation of financial innovation," said Dinesh Katiyar, partner, Accel.
GoSats enables a low-friction way to accumulate bitcoin when people shop from over 250 brands listed on the platform, including Flipkart, Nykaa, Swiggy, BigBasket and Myntra. It aims to help consumers become passive investors by earning the most appreciating asset of the past decade. Last year, GoSats announced a seed funding of $700,000 and was a winner in the Binance Build for Bharat Hackathon. It has been one of the premiere organisations to bring in the concept of accumulating free bitcoin as cashbacks and rewards on everyday purchases, and as of now, the brand has built a community of 150,000 bitcoiners in the Indian market, said GoSats.