Homegrown Crypto Wallet Paytaca raises ₱7.5M Pre-Seed Fund
The acquired funds will be used to finance the firm’s future endeavors once it accomplished its initial plans to secure a Virtual Asset Service Providers.
TACLOBAN CITY– Filipino-led fintech firm Paytaca, Inc. announced that it has successfully secured more than ₱7.5 million in equity-free pre-seed funds through a decentralized crowdfunding platform.
The acquired funds will be used to finance the firm’s future endeavors once it accomplished its initial plans to secure a Virtual Asset Service Providers (VASP) license from the Bangko Sentral ng Pilipinas (BSP) to offer fiat on-ramp/off-ramp. Paytaca also plans to partner with a licensed entity to allow them to issue or use a PHP stablecoin.
“As cryptocurrency is starting to gain traction in the Philippines, the team slowly developed the app into a crypto mobile wallet, adopting Bitcoin Cash (BCH) as its main cryptocurrency for its cheap and fast transactions making it suitable for micropayments.” –Dr. Joemar Taganna, the President and CEO of Paytaca
Paytaca is a non-custodial crypto wallet app that pushes for the widespread use of cryptocurrency for payments and remittances. According to its developers, the wallet is being designed as a “super app” that will also contain aggregated services like food delivery, cab-hailing, etc. as well as bills payment, and mobile reload. They noted that the wallet will also facilitate token exchange and access of decentralized finance (DeFi) services through web 3.0 connectivity.
“With this pre-seed funding, Paytaca can now start a more aggressive campaign for user growth and the inevitable introduction and adoption of BCH as a payment option to merchant services through the app.”
Aaron JP Almadro, Paytaca Marketing Director
Paytaca raised funds through Flipstarter, a non-custodial crowdfunding platform powered by Bitcoin Cash. It was created as a way for the BCH community to fund projects through voluntary donations.
According to Paytaca, the crypto wallet has been released in Google Play and Chrome Web Store and has been used by hundreds of testers from major crypto adoption hotspots including the Philippines, Nigeria, United States, Argentina, etc.
This article is published on BitPinas: Homegrown Crypto Wallet Paytaca raises ₱7.5M Pre-Seed Fund
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