Bitcoin rewards platform GoSats raises funding

GoSats, a Bitcoin rewards platform, announced on Wednesday that it has raised $700,000 in a seed round from Alphabit Fund, Fulgur Ventures, Stacks Accelerator, and SBX Capital.

Ajeet Khurana, former CEO of Zebpay; Sathvik Vishwanath, CEO of Unocoin; Mohit Madan, Co-Founder of Oropocket; Sharan Nair, CBO of Coinswitch Kuber; and others also contributed to the round.

Speaking on the development, Roshan, a veteran of India's crypto ecosystem and the former Chief Scientist of Unocoin, stated that “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 build a bitcoin rewards solution for brands.”

Gosats, founded in February 2021 by Mohammed Roshan and Roshni Aslam, provides a low-friction way for people to accumulate fractions of bitcoin when they shop from over 120 brands listed on the platform, including Flipkart, Amazon, Swiggy, Big Basket, and Myntra. Since its inception, the Bengaluru-based startup has on-boarded over 15,000 customers.

Many people are hesitant to buy bitcoin directly for a variety of reasons, so GoSats provides an alternative way for them to accumulate bitcoin while doing their regular shopping.

Users of the GoSats mobile app for Android and iOS phones, as well as the GoSats chrome extension, can shop at supported brands. They can also use UPI or credit/debit cards to purchase vouchers of various amounts for any of the listed brands.

Following the successful payment, a fraction of bitcoin as a cashback of up to 20% (depending on the brand) is credited to the user's GoSats bitcoin wallet.

“GoSats is the gateway for a billion people in India to own bitcoin. At 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 honoured to be an investor in a company that can benefit so many people.” says Trevor Owens, Managing Partner, Stacks Accelerator.

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