Vyng, a Los Angeles, CA-based dialer app provider, raised $5m in funding.
The company intends to use the funds to expand its business reach and the features of its app.
Led by CEO and co-founder Paul Kats, Vyng provides an Android 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 dialer also features Caller ID, Spam Call Blocking, Video Caller ID, Video Ringtones, Call Messaging and much more.
The Bitcoin Dialer, the newest feature, allows users everywhere to earn bitcoin for making phone calls to friends, family and businesses. It 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.
Once redeemed, users will be able to transfer their earnings to its partner wallet app–Bitcoin Libre–to hold or exchange for another currency.
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.