Startup FLUUS, the creator of a unique crypto on-ramping and off-ramping platform that allows users to buy and sell with cash and mobile payment apps, has closed on its pre-seed funding round.
Armed with $600,000 from FHS Capital, Base64 Ventures and a number of unnamed angel investors, FLUUS intends to follow up on the success of its initial tests by rolling out its services to a global audience.
FLUUS’ goal is all about making Web3 services more accessible to the masses, which it is doing by targeting something that, for many, is the biggest problem with crypto. Being able to buy and sell crypto with fiat money is a big challenge for many people, especially in developing countries where access to modern banking services is less widespread. FLUUS’ founders understand the problems of crypto accessibility in emerging markets all too well, as they all hail from countries in the MENA region. They appreciate both the key role crypto can play in helping provide access to financial services and savings and investment opportunities, and also the difficulties with onboarding new users, and these are the problems they have set out to solve.
FLUUS aims to make entering and exiting the crypto economy much easier with its crypto payments gateway, which integrates with multiple mobile payment apps and also makes it possible to buy and sell crypto with cash via a number of partners. FLUUS Pay is a regulated and compliant crypto ramping service with an intuitive UI that integrates with multiple fintech partners and money transfer networks. Meanwhile, FLUUS Auth is a software development kit that provides tools for developers to integrate FLUUS Pay within their own apps. It means third party websites and applications now have a simple way to provide crypto-fiat changing on demand.
In a private trial of FLUUS Pay, an NGO working to deliver aid in Ukraine was able to off-ramp more than $1 million that it received in crypto donations. The borderless nature of crypto makes it an excellent way for people to donate to charities and aid organizations operating in war zones, but exchanging that crypto for real-world cash can be troublesome. In such circumstances, FLUUS provides a simple solution.
Now armed with more capital, FLUUS intends to go on the attack and grow its network with the beta launch of its products in multiple new markets. As part of its expansion plans, it said it has formed key partnerships with the matchmaking app Dua.com, as well as the investment firm GDVentures. Businesses have an incentive to integrate FLUUS with their apps and services, as they’ll benefit from fee reductions when using the native $FLUUS token. Businesses, along with retail users, can also stake $FLUUS tokens or providing liquidity to earn yield and other rewards, FLUUS said.
FLUUS co-founder and CEO Tey El-Rjula the support of the new investors will be invaluable as the company looks to grow and scale its business. “We are excited to have the support of FHS Capital and Base64 Ventures, two highly reputable investment firms,” he said.
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