Vyng Hits $12 Million In Funding, Bringing Bitcoin to Every Phone Call Worldwide

·3 min read

The More You Call, The More You Earn

LOS ANGELES, April 19, 2022 /PRNewswire-PRWeb/ -- Android mobile users everywhere can now earn bitcoin for something they're already doing – making phone calls to friends, family and businesses. That's the value proposition behind The Bitcoin Dialer, the newest feature on the popular Android dialer app, Vyng.

Vyng has built a beloved dialer app used by millions of users – especially in emerging markets like South Asia, Latin America, and Africa. The Vyng dialer enhances calls by pushing unique photo and video content to the lock screen of the person receiving the call. The Vyng dialer also features Caller ID, Spam Call Blocking, Video Caller ID, Video Ringtones, Call Messaging and much more.

Its latest innovation, The Bitcoin Dialer, rewards users with micropayments of SATOSHIS or "SATS" (a small amount of Bitcoin) simply for making the calls they already make. Those SATS can then be redeemed to any Bitcoin wallet.

On April 4, 2022, Vyng announced a $5 million round of financing. Vyng is a Los Angeles based startup backed by March Capital Partners, Newbound Venture Capital, Alpha Edison and Omidyar Network.

"Everyone wants to be a part of bitcoin and the promise of digital currencies, but are held back by financial constraints or technical know-how. You have to sign up for an exchange, connect a bank account, get a wallet and then actually have money to exchange," says CEO and co-founder Paul Kats. With Vyng, after making their first call of the day, users are able to spin a 'virtual wheel' to determine how much bitcoin they receive. "Every spin results in a reward, varying from 10 SATS up to 5,000. Users can also gift an additional spin by adding a visual 'call message' when they call a friend. It lets the friend know why you are calling."

Once redeemed, users will be able to transfer their earnings to its partner wallet app–Bitcoin Libre–to hold or exchange for another currency. Bitcoin is amongst the highest performing asset classes over the last decade growing in value from $100 in 2013 to $47,000 currently. Bitcoin is also less volatile than the local currency in many of the markets that use Vyng.

Kats also explains how users will soon be able to earn tokens in other ways, including helping identify spam numbers, inviting friends, completing surveys, and making and getting calls from businesses. The more you participate and contribute to the overall ecosystem, the more rewards you will receive.

Vyng has spent several years developing Intellectual Property to bring visual content to every mobile lock screen worldwide, releasing multiple mobile apps, triggering over 5,000,000,000 lock screen videos, and attaining 17 US patents plus 2 pending, with active filings in six major countries. Revenue from businesses, who pay to increase answer rates from 25 percent to as much as 70 percent, allows Vyng to reward users for business interactions, purchases and other app usage.

"Bitcoin is a bankless bank that anyone with a cell phone can use. In the US, we have 96% of the population with access to bank accounts and tools like Venmo and Cash App. Meanwhile, there are 2 billion people worldwide who do not have access to any financial services for saving, lending, or sending and receiving. The percentages are especially high in developing nations – such as India, Nigeria, and Brazil. Anyone with a cell phone can use Bitcoin." says Ben Sigman, who conceptualized Bitcoin Libre as a consumer-friendly tool for anyone to be able to send and receive Bitcoin anywhere in the world for free.

About Vyng
Vyng has built a next-generation Caller ID platform that visualizes every call, helping start better conversations between friends, family, and businesses for the next half billion smartphone users in India and beyond. Since its launch in 2018, Vyng has played 5 billion videos played across 170 countries. The company has raised $12MM and is backed by March Capital, Omidyar Network, Newbound Venture Capital, and Alpha Edison.

Media Contact

Cara Konowalchuk, Wheels Up Collective, 610-724-5172, cara@wheelsupcollective.com

SOURCE Vyng