Bitstack raises €1 million to empower French people to save in Bitcoin effortlessly
Paris, May 11th, 2022 — Thanks to its mobile app, Bitstack enables French people to save in Bitcoin in a simple, fun and effortless way. By automatically rounding up daily purchases, savings are created easily and responsibly in Bitcoin. Co-founded by Alexandre Roubaud & Kabir Sethi, Bitstack has raised €1 million from French and international investment funds and business angels and has obtained registration as a digital asset service provider (DASP) with the French Financial Markets Authority (AMF) and the French Prudential Control and Resolution Authority (ACPR).
In an uncertain global environment prompting the French to take an interest and look for more profitable investments, many alternatives to traditional savings accounts 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 have already or would like to invest in crypto-assets, Bitstack responds to the strong market demand, by allowing people to round up their purchases directly in Bitcoin via an easy-to-use mobile app.
Bitstack: saving in Bitcoin in a simple, fun and effortless way.
Based on the concept of automatically rounding up bank transactions to the nearest euro (e.g. a coffee bought for €2.60 is rounded up to €3.00 and the €0.40 is put aside), savings are created without having to think about it. The small change is accumulated throughout the week and then automatically converted into Bitcoin the following Monday.
Additional savings features are offered: recurring savings (allowing the user to automatically save the amount they want every week, every fortnight or every month) and one-time purchase of bitcoins by bank card in one click, starting at €1.
Bitstack offers a very simple mobile application, designed to be accessible to all, with no investment skills required.
French people can now gain easy and reliable exposure to the best performing asset of the last decade. Bitstack addresses Bitcoin’s volatility by using Dollar-Cost Averaging (DCA) — a long-term investment strategy that mitigates volatility risk by making regular purchases, while gaining exposure to Bitcoin’s long-term upward performance.
“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,” says Alexandre Roubaud, co-founder and CEO of Bitstack.
Available since mid-March as an early version by registering on www.bitstack-app.com, the app will be officially launched on the App Store & Google Play in Q3 2022. Until the official release, Bitstack beta users will benefit from 0% fees on bitcoin purchases and sales. After this period, a 1.99% commission will be applied.
Two months after the opening of the beta access, the application already has 3,000 users. Bitstack aims to have 10,000 users and 3 million euros saved in Bitcoin by the end of 2022.
1 million euros raised from renowned investors to finance its launch.
Bitstack has just closed a first round of funding of one million euros led by Founders Future. Plug and Play Tech Center, Sharpstone Capital, as well as business angels from the French crypto and FinTech ecosystem complete this round, including Alexandre Stachtchenko & Claire Balva from KPMG, Owen
Simonin (known as Hasheur) from Just Mining, Damien Guermonprez from Lemonway and Nicolas Bacca, co-founder of Ledger.
“Bitstack is part of the democratization of 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 company and to bring them our BtoC and fintech know-how,” explains Marc Ménasé, Founder of Founders Future.
A regulated company, registered with the AMF & ACPR Banque de France.
Bitstack has obtained its registration as a digital asset service provider with the French Financial Markets Authority (AMF) and the French Prudential Control and Resolution Authority (ACPR).
This decisive and mandatory step allows Bitstack to be regulated and to legally operate in the French market. By being registered as a DASP, Bitstack complies with the regulations on Know Your Customer (KYC) and the fight against money laundering and terrorism financing (LCB-FT).
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.
Founded in April 2021 by Alexandre Roubaud and Kabir Sethi, the French company Bitstack, based at STATION F in Paris, offers a mobile application that makes saving in Bitcoin simple, fun and painless.
Bitstack is a regulated company, registered as a digital asset service provider (DASP) with the AMF and the ACPR Banque de France under number E2021–027. Learn more about Bitstack: www.bitstack-app.com