Bitstack Secures $1M to Advance Bitcoin Savings

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Bit­coin sav­ings account app Bit­stack raised 1 mil­lion euros ($1.05 mil­lion) in a fund­ing round led by Founders Future, accord­ing to a press release on Wednes­day (May 11).

The Paris start­up was launched last April by CEO Alexan­dre Roubaud and CTO Kabir Sethi with the aim of help­ing peo­ple save effort­less­ly in bit­coin by auto­mat­i­cal­ly round­ing up dai­ly purchases. 

Bit­stack is reg­u­lat­ed as a dig­i­tal asset ser­vice provider (DASP) by the French Finan­cial Mar­kets Author­i­ty (AMF) and the French Pru­den­tial Con­trol and Res­o­lu­tion Author­i­ty (ACPR).

Also par­tic­i­pat­ing in the fund­ing round were Plug and Play Tech Cen­ter, Sharp­stone Cap­i­tal, and busi­ness angels includ­ing Alexan­dre Stachtchenko and Claire Bal­va from KPMG, Owen Simonin (known as Hasheur) from Just Min­ing, Damien Guer­mon­prez from Lemon­way, and Nico­las Bac­ca, co-founder of Ledger.

See also: EU May Change Cryp­to Regs to Include NFTs

“After 12+ months of hard work build­ing the app and get­ting reg­u­la­to­ry approval as a DASP with the AMF, we launched Bit­stack to help every­one save in Bit­coin effort­less­ly. We’ve already helped 3,000+ users save more than 248,538,786 sats (2.48 Bit­coin) and we are just get­ting start­ed,” Roubaud said on LinkedIn.

Based on the con­cept of auto­mat­i­cal­ly round­ing up bank trans­ac­tions to the near­est euro, funds are trans­ferred into sav­ings and accu­mu­lat­ed through­out the week. The amount is then auto­mat­i­cal­ly con­vert­ed into bit­coin the fol­low­ing Monday.

The app will be offi­cial­ly launched on the App Store and Google Play in the third quar­ter of this year. Bit­stack beta users get 0% fees on bit­coin pur­chas­es and sales, after which a 1.99% com­mis­sion will be applied.

Two months after launch­ing beta access, 3,000 users were onboard­ed. Bit­stack is plan­ning to have 10,000 users and 3 mil­lion euros saved in bit­coin by the end of this year.

Addi­tion­al fea­tures offered by Bit­stack include recur­ring sav­ings and a one-time pur­chase of bit­coins at a min­i­mum of 1 euro ($1.06) using a bank card. The app strives to be easy to use and acces­si­ble to all with no invest­ment skills required, accord­ing to the release. Bitcoin’s volatil­i­ty is han­dled by Bit­stack by using dol­lar-cost aver­ag­ing (DCA).

“Bit­coin is an unmatched finan­cial alter­na­tive: a secure store of val­ue that is not influ­enced by infla­tion. Bit­stack has a sim­ple propo­si­tion: a leg­i­ble, cost­less sav­ings solu­tion to meet the life goals of the French, mak­ing Bit­coin a real­i­ty, not just a fad,” Roubaud said.

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About: Shop­pers who have store cards use them for 87% of all eli­gi­ble pur­chas­es — but this doesn’t mean retail­ers should boot buy now, pay lat­er (BNPL) options from check­out. The Truth About BNPL And Store Cards, a PYMNTS and Pay­Pal col­lab­o­ra­tion, sur­veys 2,161 con­sumers to find out why pro­vid­ing both BNPL and store cards are key to help­ing mer­chants max­i­mize conversion.

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