Paris, April 18, 2023 — Nine months after launching its bitcoin savings application, Bitstack announces a new 2 million euros funding round led by Founders Future, a historical investor, alongside Y Combinator, Kima Ventures, Goodwater Capital, FoundersX Ventures, Soma Capital, Soma Capital, Sharpstone Capital and Lightning Ventures. This round of funding will allow Bitstack to enrich its offer by launching new features such as sending bitcoins between friends or even its own debit card allowing you to earn bitcoin on each expense.
Officially launched on the App Store and Google Play in July 2022, Bitstack is an application that allows you to save in bitcoin in a simple, fun and painless way thanks to the mechanism of rounding up expenses to the next euro. For example, a coffee purchased for €2.60 is rounded up to €3.00 and the €0.40 difference is automatically invested in bitcoin. The application also offers additional savings features such as recurring savings and the one-time purchase of bitcoin by bank card.
Since its launch, Bitstack has claimed 25,000 users in France, ranging from 18 to over 70 years old and having saved more than 5 million euros in bitcoin. This success confirms the interest of French people who can now easily and responsibly expose themselves to the most efficient asset of the last ten years. Bitstack addresses the problem of bitcoin volatility by using 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.
A Bitstack user saves an average of €100 per month in bitcoin and currently records a potential gain of 30% despite the drop in bitcoin in 2022, proving the effectiveness of the DCA method.
” 50% of Bitstack users are first-time buyers of bitcoins, which reveals the adoption of bitcoin by the French. 94% want to keep their bitcoins for more than 3 years and 29% want to keep their bitcoins for more than 3 years and 29% want to keep their bitcoins for more than 10 years, thus reflecting a long-term conviction. ” parses Alexandre Roubaud, CEO of Bitstack.
Since the beginning of the year, the startup has recorded a record volume of new savers and thus sees its number of active users increase by more than 20% per month.
Fundraising of 2 million euros to accelerate its development and launch its debit card
After a first round of funding in 2021, Bitstack today announced a second round of funding of two million euros to accelerate its development by strengthening its teams and developing new functionalities. In addition to being able to buy, sell and save bitcoin, users will now have a virtual IBAN that will allow them to deposit their salary and automatically place a percentage in bitcoin. They will also be able to send and receive bitcoin between friends and will be able to pay in euros or bitcoin directly using a debit card.
Launched by the end of 2023, the Bitstack debit card will be available for free and will work at all retailers. Thanks to this card, users will earn bitcoin on each spend and will be able to take advantage of additional bitcoin rewards at certain partner retailers. Pre-registrations are open today On the site.
” We are very excited to enter a new phase in Bitstack's development alongside leading investors ” declares Alexandre Roubaud, CEO of Bitstack. ” Our ambition is to give French people a new way of managing their money. At Bitstack, we believe that finance can be different, more accessible, more transparent, and more equitable thanks to bitcoin. With the launch of our new financial services and debit card, we are continuing our mission to democratize bitcoin to create a more open financial system.”
” Bitstack democratizes the use of cryptocurrencies by creating a new innovative savings product that is part of everyday life. Alexandre and Kabir are impressive for their vision of the market and especially their ability to execute in an environment that is still changing. We are more than proud to support these ambitious and realistic entrepreneurs at Founders Future to help them develop in France and internationally. ” explains Marc Menasé, founder of Founders Future.
About Bitstack
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 company registered as a digital asset services provider (PSAN) with the Financial Markets Authority (AMF) under the number E2021-027.
For more information: www.bitstack-app.com
Press contacts
media@bitstack-app.com
Nicolas Vitre, Chief Marketing Officer - 06 88 04 76 86 - nicolas@bitstack-app.com
