Crypto on-ramp platform GoSats has garnered more than $4 million in new funding through a series A round. The company has stated it will use the money to build out its operations and acquire resources that let executives expand the enterprise’s present rewards program, which is currently offered by different firms to their customers for various purchases.
GoSats Completes Its Second Funding Round
In addition, GoSats has said it will likely broaden its team and hire more employees. Mohammed Roshan – CEO and co-founder of GoSats – explained in a recent interview:
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 two 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.
The company was initially part of the first cohort of Atoms, an Accel-based program built to support pre-seed enterprises and provide funds of up to $250,000 for said businesses. In addition, Atoms is also known for providing mentorship and community-building strategies.
Dinesh Katiyar – a partner at Accel – commented in a statement:
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.
GoSats is a global platform that allows customers from all over the world to purchase goods from more than 250 separate brands listed on its roster. Among the companies that GoSats presently works with are Flipkart, Nykaa, Swiggy, Myntra, and Big Basket.
In granting their customers the chance to earn crypto-based rewards through purchases, GoSats is offering them a chance to invest in the world’s number one digital currency by market cap and build out their investment portfolios simply by engaging in normal shopping maneuvers.
What Will Happen in India?
In 2021, GoSats engaged in a seed funding round that saw the firm land as much as $700,000 in new money. The company was also a winner in the Binance Build for Bharat Hackathon. Thus far, the company boasts a bitcoin-loving community that consists of more than 150,000 individuals in India.
Sadly, this could be up in the air in the coming weeks or months given that the nation is still in limbo when it comes to invoking a full bitcoin ban.