French startup Bitstack, created by Alexandre Roubaud and Kabir Sethi in April 2021, announces a fundraising of 2 million euros. This roundup will allow the company to enrich its service offer and democratize the use of bitcoin in France. New features planned include sending bitcoin between friends and a debit card to earn bitcoin on every spend.
Growing success for bitcoin savings app Bitstack
Launched in July 2022, Bitstack is a mobile application that allows you to save in bitcoin in a simple and fun way thanks to the rounding of costs to the upper euro. Since its launch, it already has 25,000 users in France who have saved more than 5 million euros in bitcoin. The Dollar Cost Averaging (DCA) method allows Bitstack to address the issue of bitcoin volatility and offer a long-term investment strategy.
Alexandre Roubaud, CEO of Bitstack, says half of the app’s users are first-time bitcoin buyers. This means that bitcoin adoption is increasing in France. Moreover, 94% of users plan to keep their digital currencies for more than 3 years and 29% plan to keep them for more than 10 years. In addition, Bitstack is experiencing an increase of more than 20% in its active users every month, which registers the highest number of new savers.
The new fundraising will enable the startup to accelerate its development by strengthening its teams and offering new functionalities. So users will have a virtual IBAN, they will be able to send and receive bitcoin between friends and they will be able to pay in euros or in bitcoin using a debit card. This card, scheduled for late 2023, will be free and will work with all merchants. Users will earn bitcoin on every spend and can enjoy additional bitcoin rewards at select retail partners.
Towards the democratization of bitcoin in France
Bitstack, registered as a digital asset service provider (PSAN) with the financier Autorité des marchés (AMF), wants to give the French a new way to manage their money, which is more accessible, transparent and fair thanks to bitcoin . The fundraising of 2 million euros and the launch of new functionalities is an important step in the democratization of bitcoin in France and in the creation of a more open financial system.
For Marc Menasé, founder of Founders Future, Bitstack makes the use of cryptocurrencies accessible to everyone by offering an innovative new savings product that fits everyday life. He is impressed with the designers’ vision, as well as their ability to execute their ideas in an ever-changing environment. He also says that he is proud to support these ambitious and pragmatic entrepreneurs in the development of their business in France and abroad.
Bitstack’s CEO is excited to start a new phase of development with renowned investors. According to him, thanks to bitcoin, finance can be more accessible, transparent and fair.
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A graduate of Sciences Po Toulouse and holder of a blockchain consulting certificate issued by Alyra, I joined the Cointribune adventure in 2019. Convinced of the blockchain’s ability to change many sectors of the economy, I took the commitment to raise awareness and to inform the general public about this ever-changing ecosystem. My goal is to enable everyone to better understand the blockchain and seize the opportunities it offers. I strive every day to provide objective analysis of the news, to understand market trends, to communicate the latest technological innovations and to put into perspective the economic and societal challenges of this ongoing revolution.
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The views and opinions expressed in this article are the sole responsibility of the author, and should not be considered investment advice. Do your own research before making any investment decision.
