On February 28, the cryptocurrency payment startup FLUUS announced that it has successfully completed a pre-seed round before its beta launch.
The funding round resulted in the accumulation of $600,000 thanks to the participation of FHS Capital, Base64 Ventures, 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 further products to pave the way for the widespread adoption of crypto-fiat payments.
Specifically, consumers will have access to Web3 services like token swapping and staking after FLUUS completes the development of an on- and off-ramp for fiat to cryptocurrency transactions.
Co-founder and CEO of FLUUS said after the announcement:
“We are excited to have the support of FHS Capital and Base64 Ventures, two highly reputable investment firms. Their experience and resources will be invaluable as we continue to grow and scale our business to provide financial technology solutions to onboard the next billion into Web3.”
Dr. Fady and Mr. Hesham Hannah-Shmouni, Managing Partners at FHS Capital, stated:
“Our investment in FLUUS fits perfectly with our vision for empowering exceptional founders and technologies in the web3 space, enabling customers and partners across key industry verticals to benefit from using blockchain technology.”
The innovative payment solution, in particular, was developed to reduce the friction involved in joining and leaving the cryptocurrency market. A private test of the payment gateway offered by FLUUS has already resulted in the successful off-ramping of more than $1 million worth of cryptocurrencies.
With the help of a global nongovernmental organization, the funds were utilized to give aid to Ukraine. Moreover, at the subsequent stage of development, the beta version of the payment solution offered by FLUUS will be made available to a more extensive customer base.
There are already a number of significant partnerships in place, which will result in FLUUS’ payment solution being made available to millions of users, including the online dating portal Dua.com as well as the GD10 Ventures ecosystem. While With the FLUUS payment widget, third-party websites and apps may provide instant cryptocurrency-to-fiat currency conversion.
The consumer-facing payment solution that FLUUS offers combines the capabilities of Web3 with the user experience (UX) characteristic of Web2, producing an experience that is appealing to users and removing the complexity previously connected with purchasing and selling digital assets.
Finally, fee reductions for companies who use the payment solution and take part in staking are delivered in the form of the native FLUUS token. Although institutional investors may receive income by staking FLUUS tokens, retail investors can contribute liquidity to FLUUS liquidity pools in exchange for yield.