Cryptocurrency onramping provider FLUUS is ready to expand after closing on a $600,000 pre-seed round of funding that saw the participation of FHS Capital, Base64 Ventures and various angel investors.
FLUUS is all about increasing accessibility to crypto with a comprehensive fiat on-ramp and off-ramp service that will enable anyone to interact with Web3. It does this by eliminating the friction of buying and selling cryptocurrencies, which is one of the major roadblocks for so many people today.
Early testing of its core payment gateway in a private trial has already resulted in more than $1 million worth of digital assets being successfully off-ramped. Those funds were sent to an international NGO that’s focused on providing aid to Ukranians. As FLUUS explains, sending cash donations to a war zone is a big challenge that crypto can help to overcome, but the challenge is that aid organizations then need an easy way to transform that crypto into cash. This is the service FLUUS’ payment gateway provides.
FLUUS’ consumer payment tool, FLUUS Pay is said to ease crypto adoption by integrating Web3 functionality within a more traditional user interface that looks and feels like a Web2 app. It provides a user-friendly experience that makes it simple for anyone to buy and sell digital assets using popular mobile payment tools and even cash. Businesses can integrate FLUUS with their products and services, earning fee reductions when they accept the native $FLUUS token and take part in staking. The app is also designed to appeal to retail users, who have the opportunity to earn yield by supplying liquidity or staking.
The other main product is FLUUS Auth, which is an SDK for developers who want to integrate the FLUUS app and enable easy Web3 onboarding within their own products and services.
Having successfully proven the capabilities of its apps, FLUUS is planning to bring its payment solutions to a broader market segment, it said.
Tey El-Rjula, co-founder and chief executive of FLUUS, said he is excited to have gained support from two reputable investment firms in FHS Capital and Base64 Ventures. “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.”
FLUUS has already made plans for its next stage of expansion, securing a number of partnerships with financial institutions that will make its services available to “millions of web users”. Its partners include the Dua.com matchmaking platform and GDVenture’s ecosystem.
“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,” said FHS Capital’s managing partner Hesham Hannah-Shmouni.
