This Bengaluru Startup Is Giving Bitcoin As A Reward For Online Shopping

At a time when the future of the crypto industry is still cloudy in the country, a Bengaluru-based startup has brought a new of rewarding its customers and showing its optimism towards the future of crypto.

Unlike most credit card rewards that include cashbacks, discounts, vouchers, air miles, etc, this two-year-old startup rewards its customers through cryptocurrency.

What Does The Startup Do?

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Bengaluru-based startup GoSats claims to be India¡¯s first Bitcoin Rewards company. Co-founded by the brother-sister duo of Mohammed Roshan and Roshni Aslam, the company enables a low-friction way to accumulate Bitcoin.

When Was The Startup Founded?

Siblings Mohammed Roshan Aslam and Roshni Aslam founded the Bitcoin rewards company in February 2021.

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¡°I identified that the masses, especially in India, were shopping online. Looking at the existing cashback rewards system, I had an idea to start a Bitcoin rewards system. This is how my sister Roshni Aslam and I started GoSats,¡± Roshan said, as per Yourstory report. People can shop from 250+ brands listed on the Bitcoin rewards platform, including Flipkart, Nykaa, Swiggy, BigBasket, and Myntra.

Also Read: US Man Pays 10,000 Bitcoins For Pizza

Why Did The Startup Choose Bitcoin As A Reward?

GoSats? was started by the siblings amidst the crypto bull run in 2021, aiming to build a simple Bitcoin on-ramp for the Indian masses shopping online.

The name GoSats references ¡®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, Bitcoin¡¯s anonymous founder. Roshan and Roshni then began integrating various online marketplaces and services on the GoSats app for users to access.

How Does GoSats Work?

¡°Through the GoSats app, we made it possible for anyone to shop on various apps and platforms and get fractions of Bitcoin, or sats, as rewards,¡¯ co-founder Roshan says, adding: ¡°A GoSats app user can access the Swiggy browser, order food, pay for it, and earn Sats. The Sats are then credited into the user¡¯s GoSats Bitcoin wallet.

These Sats can then be withdrawn to any crypto wallet in the world.¡± Besides making online purchases through GoSats, users can also buy vouchers, such as Flipkart vouchers, and get Bitcoin rewards for the purchase, as per the report.

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How Is Bitcoin Performing This Year?

After a bloodbath year in 2022, Bitcoin has been able to recover significantly this year, currently being 108% up this year to date. Its current price is Rs 28.6 lakh, or $34,453.40 per BTC.

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And with the process of bitcoin halving set to happen in 2024, it seems that bitcoin price is expected to move upwards. Click here to know more about how bitcoin halving impacts the cryptocurrency's price.

Also Read: Goldman Sachs Lends Its First Bitcoin-Backed Loan

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