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GoSats, a versatile Bitcoin rewards company, introduced India’s first-ever Bitcoin rewards card on August 15, 2021, to commemorate India’s Independence Day. The platform also has a mobile application and browser extension that enables even higher cashbacks on spends at all major brands including Amazon, Flipkart and Starbucks.
The first-of-its-kind prepaid card issued on the RuPay network allows users to spend Indian rupees and earn fractions of Bitcoin at every single swipe. Each purchase will offer a guaranteed Bitcoin cashback of 1.5% or a chance to spin a Bitcoin wheel (present inside the GoSats App) which will have even higher rewards such as 1 full Bitcoin and 100% cashback of spend in Bitcoin. There are 2 card variants- Intro & Elite. Elite cards come with added benefits such as airport lounge access, personal concierge service, personal accidental life insurance worth 2 lakhs and a chance to upgrade to a premium limited edition metal card. Since these cards run on the RuPay network, it can be accepted at almost any merchant in India. The cards will further provide 5% bitcoin cashback specifically for the purchase of Myntra Gift Cards in the GoSats App.
Excited about the new offering of the brand, GoSats CEO, Mohammed Roshan, said, “We are excited to come up with an offering that will enable every card user to earn cashback in Bitcoin on every single spend. Earlier, our users obtained Bitcoin cashbacks on specific brands through our app and now with this enlarged offering, we are confident that we can familiarize the rising Crypto asset to many households of the nation. We hope to establish the GoSats card as the most rewarding card in the prepaid/debit card segment.”
GoSats is a huge proponent of DeFi on Bitcoin and aims to utilize Stacks’ blockchain smart contracts to enable users to earn yield on their accumulated Bitcoin. Furthermore, the company is distinguished by other crypto exchanges as it rewards the users with Bitcoin rather than having them invest in crypto tokens. This is a distinction that makes a difference because the regulators have been cautious when it comes to investing in cryptocurrencies.
“The idea of GoSats is to bring Bitcoin to a billion people in India in an easy and intuitive manner. On one hand where inflation destroys wealth, Bitcoin gives people access to greater freedom and ownership over their financial independence. We feel blessed to be a part of a journey that is going to enable millions of Indian households financially” said Trevor Owens, the Managing Partner at Stacks Accelerator.
On August 4, 2021, GoSats announced its $700k USD Seed funding raised by investors such as Alphabit Fund, Fulgur Ventures, Stacks Accelerator and SBX Capital. The funding round was also supported by angel investors including Ajeet Khurana, former CEO of Zebpay, Sathvik Vishwanath, CEO of Unocoin, Mohit Madan, Co-Founder of Oropocket, and Sharan Nair, CBO of Coinswitch Kuber.