This startup helps you earn Bitcoin rewards when you use Swiggy, Bigbasket, Flipkart, Amazon, Myntra

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Engineer and technician Mohammed Roshan has a good understanding of blockchain technology and cryptocurrency.

It was his deep level of understanding, coupled with stints in the Unocoin and Throughbit crypto exchanges, and the start of his own crypto – SaffronCoin – that completely sold him on crypto technology.

But for a few years he tried to find a way to bring crypto to the general public, to people who didn’t have a technical understanding of cryptocurrency.

“I recognized that the masses, especially in India, were shopping online. Looking at the existing cashback rewards system, I got the idea to launch a Bitcoin rewards system. This is how my sister Roshni Aslam and I started GoSats, ”he says in a video interaction with BlockchainStory.

The siblings launched GoSats in Bengaluru in 2021 amid the crypto bull run and set out to build a simple Bitcoin ramp for the Indian masses shopping online.

The name GoSats refers to “sats,” or “satoshis,” which are the smallest units of Bitcoin, each equivalent to 100 millionth of the value of one BTC. Sats is named after Satoshi Nakamoto, the anonymous founder of Bitcoin.

Roshan and Roshni then began to integrate various marketplaces and online services on the GoSats app for users to access.

How GoSats Works

“Through the GoSats app, we’ve made it possible for anyone to buy from Flipkart, Amazon, Swiggy, Bigbasket, Myntra, etc., and get fractions of Bitcoin, or sats, as a reward,” Roshan said, adding:

“A user of the GoSats app can access the Swiggy browser, order food, pay and earn Sats. The Sats are then credited to the user’s Bitcoin GoSats wallet. These Sats can then be withdrawn to any crypto wallet in the world.

In addition to shopping online through GoSats, users can also purchase vouchers, such as Flipkart vouchers, and earn Bitcoin rewards for the purchase.

As many companies remain wary of crypto, it was initially difficult to integrate brands into GoSats. But it got easier after convincing them that Bitcoin would only be given as a reward and never act as a form of payment, the founders say.

And after rolling out GoSats to the public in May 2021, Roshan and Roshni say they have landed more than 17,000 users.

With its early traction, GoSats has raised a total of $ 1.25 million from Fulgur Ventures, SBX Capital, Ajeet Khurana, Sathvik Vishwanath, STACKS and Alphabit Fund. Of this amount, $ 700,000 was part of his round table.

Bitcoin Rewards Card

GoSats plans to launch a Bitcoin reward card. Roshni, a finance graduate, says:

“I was fascinated by Bitcoin’s value transfer system and how blockchain technology evolved. Now, to attract more masses into crypto, we are working on a Bitcoin rewards card. It’s like a prepaid rewards card that can be reloaded with INR and swiped at almost any point of sale in India.

She adds that the waitlist for the GoSats Bitcoin Rewards Card is growing rapidly and the sibling duo are excited about the card’s imminent rollout.

Similar to some crypto exchanges in India, the founders of GoSats saw significant traction coming from India’s Tier II and III cities. They add that they see a lot of young adults and women coming into the fold.

“Crypto has generally been dominated by men, but we are now seeing many women and level II and III users realizing that they can earn Bitcoin through GoSats without going through the traditional investment route, which is more risky. So GoSats has become a great BTC ramp for these demographics, ”says Roshan. Future plans amid regulation

Internationally, there are a few Bitcoin reward systems like Fold, Lolli, Coinmiles, etc. But in India, the way forward is still unclear as the country awaits regulatory clarity from the government on the definition of crypto.

Despite the lack of clarity, the country quickly embraced crypto. A recent Chainalysis report ranked India second in the world for crypto adoption in 2021, behind only Vietnam.

With the crypto market, led by Bitcoin, growing steadily in India, GoSats plans to become a hub or home for Bitcoin in India by enabling commerce, DeFi, and additional reward systems around Bitcoin.

And like other Indian blockchain startups, GoSats is hoping for positive regulation that can make these plans possible.

“We are not an exchange; exchanges are only part of the crypto ecosystem. Like GoSats, there are so many more innovations possible in other parts of the crypto landscape, and the potential is huge if the technology can be positively regulated, ”Roshan said. Edited by Saheli Sen Gupta

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