Before launching its beta, the cryptocurrency payment firm FLUUS announced the conclusion of pre-seed financing. Many angel investors, FHS Capital, Encryptus.io, and others took part in the round that raised $600,000.
A fiat-crypto on- and off-ramp being developed by FLUUS will allow users to access web3 services like token staking and swapping. Its top-of-the-line payment system is intended to make joining and leaving the crypto market less complicated and frictionless.
“We are excited to have the support of FHS Capital and Encryptus.io, two highly reputable investment firms,” said Tey El-Rjula, co-founder and CEO of FLUUS. “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.”
Hesham Hannah-Shmouni, Managing Partner at FHS Capital, said: “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.”
In a private test of FLUUS’ payment gateway, more than $1 million in cryptocurrency has already been successfully off-ramped. With the assistance of a global Charity, funds were utilized to provide help to Ukraine. The payment solution from FLUUS will be made available to a larger market sector in beta version throughout the next development period.
Millions of web users will soon be able to utilize FLUUS’ payment system thanks to a number of significant collaborations that are currently in place. They include the GDVentures ecosystem and the online matchmaking platform Dua.com. The FLUUS payment widget makes it simple to integrate crypto-fiat conversion on demand into third-party websites and apps.
The user experience associated with web2 is combined with web3 features in FLUUS’ consumer-facing payment system. This offers a user-friendly experience and gets rid of the complexity usually related to purchasing and selling digital goods.
Businesses that include the payment solution in their goods and services and take part in staking get fee reductions from the native FLUUS token. Retail customers, meanwhile, may profit by staking the FLUUS token and contributing liquidity to the FLUUS liquidity pools.
FLUUS now offers two major products:
FLUUS Pay: In partnership with financial companies and money transfer networks, FLUUS Pay is a regulated and compliant crypto ramping service.
FLUUS Auth: An SDK that enables developers to quickly include safe and user-friendly sign-up and web3 onboarding into their own apps.
The seed round’s proceeds will be utilized to expand the development of these products and the availability of FLUUS’ services, making crypto-fiat payments accessible to a larger worldwide market.
FLUUS was established in March 2022 with the intention of developing technologies that would improve accessibility to web3, especially in developing markets. The co-founders of the business are all from the MENA area, and they all understand from personal experience how crucial cryptocurrency is to the everyday lives of people in developing nations.
