The Bitcoin Rewards App GoSats has partnered with the National Payments Corporation of India (also known as NPCI) to launch a new cash-back reward card in India.
The GoSats reward card allows customers to use the card to earn a relative proportion of cashback paid in the form of BTC when paying through mobile programs or browser expansion programs on well-known retail platforms such as Amazon, Starbucks, and Flipkart.
GoStats is based on an open layer 1 network Stacks, which connects to Bitcoin, enabling customers to build apps, smart contracts, and digital assets integrated with Bitcoin’s security, capital, and network Coins to earn BTC.
According to Coinmarketcap, Stacks’s token STX has risen 9.59% up to $1.50 in the past 24 hours.
STX is currently ranked 65th by market cap, with a market cap of $1,813,769,454. Thanks to Bitcoin’s continuous three-month high, it has risen by 13.91% in the past week.
The CEO and co-founder of GoSats stated that this cooperation would help customers provide bitcoin earning opportunities by integrating the existing NPCI card network:
“Beforehand, people could only get bitcoin cashback on specific brands through our app but now can earn cashback in bitcoin on every spend.”
GoSats was founded in February 2021, offers people an alternative way to accumulate bitcoin when they do their usual shopping at their favourite brands. GoSats has raised a total of $700K in funding over 1 round. This was a Seed round raised on Aug 4, 2021.
As the Indian government’s attitude towards cryptocurrency services remains vague, India’s policymakers issued relevant decrees banning cryptocurrencies before. Still, then the Indian central government and its monetary authority, the Reserve Bank of India (RBI), was reportedly taking steps to analyze the clause of the previous plans to ban digital currencies in the country.
Therefore, the cooperation with NPCI also shows that GoSats is circumventing relevant regulatory obstacles when launching its services.
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