Bitcoin Rewards Startup GoSats Secures $700,000 to Boost Crypto Adoption in India

Indian Bitcoin rewards startup GoSats has raised $700,000 in early-stage funding from notable investors, including Alphabit Fund, Fulgur Ventures, Stacks Accelerator, and SBX Capital. The Bengaluru-based company, co-founded by Mohammed Roshan and Roshni Aslam, aims to revolutionize Bitcoin adoption in India by providing cashback rewards in Bitcoin.

With participation from prominent angel investors like Ajeet Khurana (former Zebpay CEO) and Sathvik Vishwanath (Unocoin CEO), GoSats is set to expand its platform and enhance its user experience.

Funding and Investors

Investment Details

• Amount Raised: $700,000
• Lead Investors: Alphabit Fund, Fulgur Ventures, Stacks Accelerator, and SBX Capital.
• Angel Investors:
  • Ajeet Khurana (Former CEO, Zebpay).
  • Sathvik Vishwanath (Co-founder, Unocoin).
  • Mohit Madan (Co-founder, OroPocket).
  • Sharan Nair (Chief Business Officer, Coinswitch Kuber).

Purpose of Funding

The funds will be utilized to:

1. Enhance Bitcoin Adoption: Create a seamless system for Bitcoin rewards in India.
2. Expand Partnerships: Add more businesses and brands to the GoSats platform.
3. Improve Technology: Enhance the GoSats app and Chrome extension for better user experiences.

What is GoSats?

A Revolutionary Bitcoin Cashback Platform

GoSats allows users to earn Bitcoin rewards on everyday purchases. Founded in February 2021, the platform has onboarded over 15,000 customers within a few months.

How It Works

1. Supported Brands: Over 120 brands, including Flipkart, Amazon, Swiggy, Big Basket, and Myntra.
2. Purchase Method:
   • Use the GoSats mobile app or Chrome extension to shop.
   • Pay using UPI, credit/debit cards, or purchase vouchers.
3. Bitcoin Rewards:
   • Users receive Bitcoin as cashback, up to 20%, depending on the brand.
   • Rewards are credited to the user’s GoSats Bitcoin wallet.

Sats Explained

• Sats (Satoshis): The smallest unit of Bitcoin, named after Bitcoin’s pseudonymous founder, Satoshi Nakamoto.
• Conversion: 1 Bitcoin = 100 million Satoshis.

GoSats’ Vision for Bitcoin Adoption

Comments from Mohammed Roshan (Co-founder, GoSats)

Roshan emphasized GoSats’ mission to make Bitcoin accessible and rewarding for everyday users:

“We aim to increase Bitcoin usage in India by creating a comprehensive rewards system that benefits both consumers and businesses.”

Unique Value Proposition

Solving Fragmentation in Rewards

Sathvik Vishwanath, Co-founder of Unocoin, highlighted the challenges in traditional rewards systems and how GoSats addresses them:

• Traditional Rewards:
  • Fragmented systems with low value and restrictive terms.
• Bitcoin Rewards:
  • High-value, decentralized rewards system.
  • Overcomes concerns about Bitcoin’s volatility by focusing on long-term accumulation.

Why GoSats Stands Out

1. Ease of Use: Intuitive platform for earning and storing Bitcoin.
2. Trusted Partnerships: Collaboration with leading brands enhances credibility.
3. Crypto Integration: Bridges the gap between traditional e-commerce and cryptocurrency.

Future Plans for GoSats

Expanding Partnerships

GoSats aims to onboard more businesses to offer Bitcoin rewards, thereby broadening its reach across India.

Technological Advancements

• Enhance app functionality and Chrome extension usability.
• Implement advanced features for seamless user experiences.

Promoting Bitcoin Education

Educate users on the value of Bitcoin and encourage responsible crypto adoption through reward-based incentives.

FAQs

What is GoSats?
GoSats is a Bitcoin rewards platform that allows users to earn Bitcoin cashback on purchases made with over 120 partner brands.

How does GoSats work?
Users shop at partner brands using the GoSats app or Chrome extension. After completing a transaction, they receive a portion of Bitcoin as cashback in their GoSats wallet.

What are sats?
Sats, short for satoshis, are the smallest unit of Bitcoin. One Bitcoin equals 100 million sats.

Who invested in GoSats?
GoSats raised $700,000 from Alphabit Fund, Fulgur Ventures, Stacks Accelerator, SBX Capital, and angel investors like Ajeet Khurana and Sathvik Vishwanath.

What are the benefits of Bitcoin rewards?
Bitcoin rewards are decentralized, high-value, and free from the restrictions of traditional loyalty programs.

What are GoSats’ future plans?
GoSats aims to expand its partnerships, enhance its platform, and increase Bitcoin adoption across India.

Conclusion

GoSats is at the forefront of India’s Bitcoin revolution, offering an innovative way for consumers to earn and use cryptocurrency. By bridging the gap between traditional rewards systems and blockchain technology, GoSats not only enhances the shopping experience but also promotes wider Bitcoin adoption.

With $700,000 in new funding, the startup is poised for growth, aiming to bring Bitcoin rewards to a larger audience and cement its role as a key player in India’s burgeoning crypto ecosystem.

To learn more about the innovative startups shaping the future of the crypto industry, explore our article on latest news, where we delve into the most promising ventures and their potential to disrupt traditional industries.