GoSats, a Bitcoin rewards startup, has announced on Wednesday that it has closed a seed funding event of $700,000. The Bengaluru-based startup is co-founded by Mohammed Roshan and Roshni Aslam.
GoSats Closes Seed Funding Event
In a seed funding round of GoSats, Alphabit Fund, Fulgur Ventures, Stacks Accelerator, and SBX Capital were the main participants that invested around $700,000 in the bitcoin rewards company.
The startup further stated that few angel investors, including Ajeet Khurana, former chief executive officer (CEO) of Zebpay, Sathvik Vishwanath, CEO of Unocoin, Mohit Madan, co-founder of Oropocket, Sharan Nair, a chief business officer of Coinswitch Kuber, and a few others also supported the current financial event of GoSats.
Answering a question related to funding utilization, co-founder Roshan revealed that the startup will focus on bitcoin adoption scaling and will also work closely with brands to expand the bitcoin reward solutions.
Within five months of its impactful journey, GoSats has attracted over 15+ thousand customers on its platform. These customers have received a fraction of bitcoin as a cashback after completing a transaction with merchants available on the GoSats platform.
How GoSats Work?
GoSats has collaborated with 120+ brands, including Flipkart, Amazon, Swiggy, Big Basket, and Myntra. Once a user signups with GoSats, he/she has access to the above 12 brands to purchase different items. Once the transaction is over, GoSats provides a fraction of bitcoin to the customers as a cashback.
That fraction is a maximum of 20%(depends upon the brand’s offer) of the shopping transaction. It will directly be transferred to the bitcoin wallet of the customer. Customers can also choose the GoSats Chrome extension to do shopping on its platform.
Talking about the recent funding and GoSats operations, Vishwanath said, “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.”
The word ‘Sats’ is derived from Satoshis, the first name of bitcoin creator, and is the smallest denomination of a blockchain token. One sat is equivalent to one hundred millionth of a single token or in other words, 100 million satoshis make one whole token.
