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- Bitcoin Cash (BCH) focused financial technology startup Paytaca has raised 350 BCH in a five-day funding campaign on Flipstarter.
- Paytaca has announced plans for the future of its wallet including integration of CashTokens, SLP DEX, CashFusion, and Flipstarter, focusing on a viable business model with a path towards profitability and growth in the next six months.
- The next six months will see the launch of various new initiatives such as Peer-to-peer AnyHedge, end-to-end encrypted chat, peer-to-peer ramp, peer-to-peer marketplace with delivery service, and Thorchain and/or Sideshift integration.
Homegrown Bitcoin Cash (BCH)-focused financial technology (fintech) startup Paytaca has successfully raised a total of 350 BCH, five days after it announced its fundraising project on February 1, 2023.
350 BCH Fundraising
On February 1, 2023, Paytaca tweeted its project to “bootstrap” the firm in BUIDLing despite the bear market. The firm used the BCH fundraising website, Flipstarter.
“Building a profitable wallet company but remaining focused on a single coin is hard. The odds are stacked against us. But we believe that Bitcoin as peer-to-peer electronic cash is such a revolutionary technology that no one can stop. Mass adoption is not a question of ‘if’ but ‘when’ and the answer to that will depend on the hard work of those who take up the challenge of spreading its usage against all odds,” Paytaca said on its Flipstarter campaign.
Twelve hours after the campaign was posted, 43% of the target fund was already fulfilled, 58% on the first day, 66% on the second day, and 97% on the third day. The fundraising was completed at around 1:00 a.m. on January 6, 2023, the fifth day of the campaign.
“Paytaca is ready to take the challenge but we are asking, once again, for support from the BCH community. We need the financial resources to help us bootstrap our company. This is our second and final Flipstarter campaign. If we get funded, we think that we will have a clear path towards profitability and growth within the next 6 months; at which point we can more easily raise funds through other funding mechanisms (e.g. investment, sale of utility tokens),” its campaign advertisement read.
Plans for the Next Six Months
Alongside the campaign, the firm also announced its plans for the future of its wallet, including its plans to integrate CashTokens, SLP DEX, CashFusion, and Flipstarter into the wallet.
“The next six months will be focused on demonstrating a viable business model for Paytaca. The goal is to be in a position where we can clearly project a path toward profitability and exponential growth so we can raise seed funding either through Angel/VC investments or through a public sale of a utility token, or both,” Paytaca explained.
Some of its plans, ordered by the firm’s priority, include:
- Peer-to-peer AnyHedge
According to Paytaca, it is a follow-up to the existing AnyHedge integration that uses BCH Bull’s instant liquidity provider and will give users the option to request other users to provide liquidity, essentially becoming counterparties to the contract. The wallet developer claimed that this initiation will have lower fees and will be cheaper in most cases.
- End-to-end encrypted chat
This feature will soon allow Paytaca users to talk to their peer-to-peer transactors using their own BCH addresses as handles. For privacy, it is protected by end-to-end encryption using OpenPGP.
- Peer-to-peer ramp
As per Paytcaca, this is a platform for the peer-to-peer exchange of BCH to fiat and vice versa, similar to LocalBitcoin, but as an application within the wallet app. Every exchange transaction involves smart contract escrow, where a trusted third-party arbitrator can mediate a dispute. The arbitrator can only release to the buyer or refund to the seller the BCH locked in the contract.
- Peer-to-peer marketplace with delivery service
It is an initiation where there will be a marketplace section in the app where users can sell products. Aside from being a marketplace, it will also have a local delivery service, where once the payment is released by the buyer to the seller, the delivery rider can start delivering the items.
- Thorchain and/or Sideshift integration
This will make it possible to swap other major cryptos for BCH sent to the wallet to be spent at the partner merchants of Paytaca.
On October 18, 2022, the fintech startup started the operations of its new innovation—the Bitcoin Cash (BCH)-powered vending machines—in Robinsons Mall North Tacloban in Leyte.
“We know that the community has given us a huge favor by supporting us now and our previous Flipstarter. More than 90% of startups fail, so it’s really a huge gamble to pour a lot of resources into something that might turn out to be a failure down the road. This makes us all the more grateful and really strive to make things work and maximize the value we generate for the community and society in general. Thank you very much!” Paytaca concluded.
This article is published on BitPinas: Fintech Firm Paytaca Raises 350 BCH Fund, Announces Plans for the Next 6 Months
Disclaimer: BitPinas articles and its external content are not financial advice. The team serves to deliver independent, unbiased news to provide information for Philippine-crypto and beyond.