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An Indian bitcoin-focused startup, GoSats, raise $700,000 in seed funding.

GoSats, a bitcoin rewards startup, secures $700,000 in early investment. The investments are from Alphabit Fund, Fulgur Ventures, Stacks Accelerator, and SBX Capital.

The Angel Investors

Ajeet Khurana, the former CEO of Zebpay, Sathvik Vishwanath, the CEO of Unocoin, Mohit Madan, the co-founder of Oropocket, Sharan Nair, the chief business officer of Coinswitch Kuber, and a few other angel investors contributed to the fundraising round.

What is GoSats?

Mohammed Roshan and Roshni Aslam co-founded the Bengaluru-based business in February 2021, and already almost 15,000 clients are onboard.

According to Roshan, GoSats will utilise the funds to increase bitcoin usage in India. Therefore, developing a bitcoin incentives system for businesses. GoSats makes it simple for customers to earn free bitcoin while shopping online. Flipkart, Amazon, Swiggy, Big Basket, and Myntra are among the more than 120 brands on its platform.

The GoSats mobile app for Android and iOS phones and the Chrome extension may purchase at supported companies. They may also use UPI or credit/debit cards to buy vouchers from the mentioned brands in varying quantities. After completing the payment, a portion of bitcoin is credited to the user’s GoSats bitcoin wallet as a cashback of up to 20% (depending on the brand).

Sats refers to the smallest denomination of a blockchain token, satoshis (named after bitcoin founder Satoshi Nakamoto). One sat is equal to one hundred millionth of a single token, or 100 million satoshis equal one token.

Unocoin Co-founder Comments

Vishwanath, who co-founded Unocoin, India’s first bitcoin trading site, in 2013, said of the funding:

“The conventional rewards business involves fragmentation. Reward points are disregarded because they are insufficiently valued and come with many restrictive terms and restrictions. On the other hand, while the benefits of bitcoin are all over the place, the average person would be wary of its short-term volatility. GoSats is the only system that solves both challenges at the same time.”

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