PANews reported on April 7th that GoSats, an Indian crypto rewards fintech platform, has completed a $5 million Series A funding round led by Konvoy, with participation from Y Combinator, Taisu Ventures, and several angel investors. GoSats offers users Bitcoin and gold rewards, boasting an annualized transaction value of $40 million and distributing over $53,700 (approximately 500 million Indian rupees) in Bitcoin and gold rewards since its inception.

This funding will be used for user growth, development of new fintech products, AI-based personalized services, and expansion of the engineering, product, and growth teams. GoSats lowers the barrier to entry for new users into the cryptocurrency space by tying Bitcoin and gold rewards to everyday spending, while simultaneously putting competitive pressure on traditional loyalty programs.

In India’s complex crypto regulatory environment, GoSats operates its rewards product through a Virtual Digital Asset (VDA) compliance framework, providing users with access to the crypto asset category.

Previously, in 2022, it was reported that Bitcoin rewards company GoSats completed a $4 million Pre-A round of financing, with Y Combinator and others participating in the investment .