On Feb. 28, cryptocurrency payments startup FLUUS announced that it had successfully completed a pre-seed round ahead of its beta launch.
The funding round resulted in a $600,000 amalgamation thanks to participation from FHS Capital, Encryptus.io and a number of angel investors, according to information shared with Finbold.
As a result of the seed round, FLUUS will be able to develop more products to pave the way for the widespread adoption of crypto-fiat payments.
In particular, consumers will have access to Web3 services such as token swapping and staking after FLUUS completes development of an entry and exit ramp for fiat-to-cryptocurrency transactions.
Co-founder and CEO of FLUUS said after the announcement:
“We are delighted to have the support of FHS Capital and Encryptus.io, two highly respected investment firms. Your experience and resources will be invaluable as we continue to grow and scale our business to provide financial technology solutions to integrate the next billion into Web3.”
dr Fady and Mr. Hesham Hannah-Shmouni, Managing Partners at FHS Capital, stated:
“Our investment in FLUUS aligns perfectly with our vision to empower exceptional founders and technology in the Web3 space, and to enable customers and partners in key industry verticals to benefit from the use of blockchain technology.”
Payment Gateways
In particular, the innovative payment solution is designed to reduce the friction of entering and exiting the cryptocurrency market. A private test of the payment gateway offered by FLUUS has already resulted in a successful off-ramping of cryptocurrencies worth more than $1 million.
With the help of a global non-governmental organization, the funds were used to provide aid to Ukraine. In addition, the beta version of the payment solution offered by FLUUS will be made available to a broader customer base in the next expansion stage.
There are already a number of significant partnerships that will result in FLUUS’ payment solution being made available to millions of users, including online dating portal Dua.com and the GD10 Ventures ecosystem. The FLUUS payment widget allows third-party websites and apps to provide instant cryptocurrency to fiat currency conversion.
The consumer-centric payment solution offered by FLUUS combines the capabilities of Web3 with the user experience (UX) characteristic of Web2, creating an experience that engages users and removes the complexity previously associated with buying and selling digital assets.
Finally, fee reductions for companies using the payment solution and participating in staking will be delivered in the form of the native FLUUS token. Although institutional investors can generate income by staking FLUUS tokens, retail investors can inject liquidity into FLUUS liquidity pools in exchange for returns.
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