A first round of funding from renowned investors to finance its launch.
Paris, May 11, 2022 — Thanks to its mobile application, the company Bitstack allows all French people to create savings in Bitcoin in a simple, fun and painless way. By using the mechanism of automatic rounding of expenses, savings are created easily and in Bitcoin, in a responsible way, without thinking about it. Co-founded by Alexandre Roubaud & Kabir Sethi, Bitstack announces for its launch a fundraising of 1 million euros from French and international investment funds and business angels, and obtains its registration as a digital asset services provider (PSAN) with the Autorité des Marches Financiers (AMF) and the Autorité de Contrôle Prudentiel et de Résolution (ACPR) Banque de France.
In an uncertain global context encouraging French people to take an interest and seek more profitable investments, many alternative solutions to traditional passbooks are developing, but access to Bitcoin remains difficult for many. While a recent ADAN study conducted by KPMG and Ipsos shows that nearly 37% of French people already have or would like to invest in cryptoassets, Bitstack meets the strong demand of the market, by allowing you to round up your purchases directly in Bitcoin via an intuitive mobile application.
Operating on the concept of automatically rounding bank transactions to the next euro (example: a coffee purchased for €2.60 is rounded up to €3.00 and the €0.40 is set aside), savings are created by themselves and in a responsible way, without thinking about it. The small currency is accumulated over the whole week, then automatically converted into Bitcoin the following Monday.
Additional savings features are offered: recurring savings (allowing the user to automatically save the amount that the user wants each week, every two weeks or each month) and the one-time purchase of bitcoins by bank card in one click, starting at €1.
Thus, Bitstack offers a very simple mobile application, designed to be accessible to everyone, without the necessary investment skills.
French people can now easily and responsibly expose themselves to the best performing asset of the last 10 years. Indeed, Bitstack addresses the problem of Bitcoin volatility by relying on the “Dollar-Cost Averaging” (DCA) method — a long-term investment strategy consisting in making regular purchases to smooth out the risk associated with volatility, while being exposed to the long-term bullish performance of Bitcoin.
“Bitcoin is a financial alternative that is second to none: a secure store of value that is not influenced by inflation. Bitstack has a simple proposal: legible, painless savings to meet the life goals of French people, making Bitcoin a reality, and no longer just a fashion phenomenon.”, explain Alexandre Roubaud, co-founder and CEO of Bitstack.
Available since mid-March in early version by registering on www.bitstack-app.com, the application will be officially launched on the App Store & Google Play in the third quarter of 2022. Until the official release, Bitstack beta users get 0% fees on bitcoin purchases and sales. After this period, a commission of 1.99% will be applied.
Two months after opening access to the beta, the application already has 3,000 users. Bitstack aims for 10,000 users and 3 million euros saved in Bitcoin by the end of 2022.
Bitstack has just completed a first round of funding of one million euros led by the investment fund Founders Future. Plug and Play Tech Center, Sharpstone Capital, as well as business angels from the French crypto and FinTech ecosystem complete this funding round, including Alexandre Stachtchenko & Claire Balva from KPMG, Owen Simonin (known as Hasheur) from Just Mining, Damien Guermonprez from Lemonway or Nicolas Bacca, co-founder of Ledger.
“Bitstack is part of the movement to democratize cryptocurrencies by providing a fun solution that can be used by millions of consumers who want to save on a daily basis. We are delighted to support Alexandre and Kabir's business and to provide them with our BtoC and fintech know-how.” Details Marc Ménasé, Founder of Founders Future.
Bitstack has obtained its registration as a digital asset services provider from the Autorité des Marches Financiers (AMF) as well as the Autorité de Contrôle Prudentiel et de Résolution (ACPR) Banque de France.
This decisive and mandatory step allows Bitstack to be regulated and to operate legally on the French market. By being registered as a PSAN, Bitstack is committed to complying with customer knowledge (KYC) and anti-money laundering and terrorist financing (LCB-FT) regulations.
These measures allow Bitstack to offer a secure solution that respects the regulatory framework defined by French regulators in order to operate legally and protect users from the risks associated with financial flows.
Created in April 2021 by Alexandre Roubaud and Kabir Sethi, the French company Bitstack based in STATION F in Paris offers a mobile application that allows you to save in Bitcoin in a simple, fun and painless way.
Bitstack is a regulated company, registered as a digital asset service provider (PSAN) with the AMF and the ACPR Banque de France under the number E2021—027.
Press contact
media@bitstack-app.com
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Press Release
Europe’s leading Bitcoin savings app set out to raise $2 million. Faced with exceptional demand — $26 million in investment pledges from over 25,000 people on the waitlist, a record in Europe — Bitstack expanded the round to $4.5 million. By bringing together over 8,000 investors, Bitstack has completed the largest crowdfunding round in the European Union.
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