Accel Founder Stories 005: Meet GoSats
Bitcoin found and consumed Mohammed Roshan well before it began its journey to mainstream adoption in India.
Fresh out of college, he stumbled across cryptocurrency and was immediately hooked. A few months later Roshan had developed Saffroncoin, India’s first crypto token. The project pioneered cross-blockchain transactions and helped put India on the global blockchain community’s map.
A meeting with Unocoin, India’s first crypto exchange, at a conference in Bangalore saw him come onboard as Chief Scientist. He followed this with a stint as CTO at Throughbit, an exchange which aimed to streamline crypto-trading with an intermediary currency called Falcon.
Roshan understands the Indian blockchain and cryptocurrency spaces well, and recognizes the steep learning curve they pose to the first-time user. With GoSats, he’s looking to ease that curve, and build India’s simplest gateway to bring Bitcoin to the masses.
GoSats gets its name from satoshi, a unit of Bitcoin. At its core, the idea is a simple one: People love cashback rewards.
Satsback as the GoSats team calls their offering, turns the cashback formula on its head. Rather than receive value which can be spent right away, users receive an asset to hold for the long-term. GoSats users hold full ownership of the Bitcoin they earn, and can freely transfer it to external crypto wallets.
Today, GoSats has a 100,000-strong community with 1000 new users onboarded every day. Crucially, it already has 100+ brands on board, including Bigbasket, Myntra, Swiggy and Nykaa, offering a wide range of use cases.
Looking ahead, Roshan is clear that he doesn’t want GoSats to become just another exchange. Instead, he envisions an ecosystem of services, built as a jumping-on point for users to interact with decentralized finance. A prepaid Visa card is next on the roadmap, with a crypto-staking equivalent on the horizon, which will allow users holding their balances with GoSats to earn interest on their Bitcoin.
Applications for Atoms’ Holi cohort are open!
If you are a very early stage startup, we are waiting for you to apply. Atoms is meant for you.
Please note that we will be closing applications on March 15th, 2022. Applications arriving after this date will only be considered for the cohort after.