As prices of Bitcoin and other cryptocurrencies have dropped in the past few months, the overall market sentiment has shifted to one of fear and negativity.
Crypto exchanges in India have reportedly seen a drastic drop in their revenue and margins, by as much as 60-80% when compared to the bull market earlier in the year. The recently introduced crypto tax rules and TDS norms have also contributed to the uncertainty in the market. Several players in the industry have had to trim their workforce and cut down on their spending to cope with this scenario. In stark comparison to the overall gloom in the market, India’s first and only Bitcoin rewards platform GoSats has been growing strong. Since its inception, the startup has been able to create a community of more than 150,000 Bitcoiners in the country and is growing 30% month-on-month.
Founded in 2021 by siblings Mohammed Roshan and Roshni Aslam, GoSats helps people accumulate free bitcoin on their transactions, whether that be for shopping or payments.GoSats has also recently launched a prepaid debit card that can be used to earn Bitcoin rewards seamlessly on all offline and online transactions in India.
Currently, GoSats has partnered with 250 brands including some of India’s most prominent eCommerce players, including the likes of Flipkart, Swiggy, Myntra, BigBasket, Uber, and more. Users on GoSats typically earn Bitcoin rewards of around 6% to 8% on purchases made on partnered brands, while non-partnered brands would help users earn Bitcoin rewards of 1.5% to 2% via the GoSats prepaid card.
Mohammed Roshan, CEO, and Co-founder of GoSats commented: “The growth that we have seen shows how people have started understanding the value of Bitcoin rewards, and have continued stacking Bitcoin on their purchases despite the crashes in Bitcoin. We are humbled by this growth and want to continue on our mission to become the simplest on-ramp to crypto for Indians. We also want to help people understand that crypto does not just exchange, by helping them stack Bitcoin rewards seamlessly on their transactions and change people’s lives for the better.”
GoSats plans to scale its rewards program exponentially and bring the benefits of Bitcoin to a million Bitcoiners in India by the end of this year. GoSats had recently raised $4M in its Pre-Series A funding round, with participation from investors including YCombinator, Accel, Gossamer Capital, and other reputed names.
“We have exciting plans for the future. We will be looking to scale our rewards card program, build an infrastructure for users to seamlessly earn free bitcoin everywhere they shop, enable users to stake their bitcoin and earn attractive yield, and have them spend their rewards on brands, NFTs, and play to earn games all within the GoSats app”, commented Co-founder Roshni Aslam on GoSats future plans.
