Paytaca Raises ₱24.5M Seed Funding to Foster Bitcoin Cash Adoption in the Philippines

• Paytaca, a Filipino fintech startup focusing on Bitcoin Cash (BCH), raised $450,000 in seed funding.
• The funds will be used to promote Bitcoin Cash adoption and provide streamlined peer-to-peer payments, aiming to revolutionize the payment landscape in the Philippines.
• Paytaca says its BCH wallet app currently has approximately 10,000 downloads and 2,000 active users.

Paytaca, a Filipino fintech startup, recently raised $450,000 or ₱24.5M in a seed funding round from international prominent angel investors. According to the firm, the funds will be utilized to promote Bitcoin Cash and provide streamlined peer-to-peer payments. 

Paytaca Seed Funding

Paytaca secured seed funding from notable angel investors in the industry, including Molecular, Mike Komaransky, Renegade D, and Toorik. 

“Paytaca’s commitment to making the benefits of cryptocurrencies accessible and affordable aligns perfectly with our investment philosophy. We are excited to support their vision of a more equitable and free society,” Molecular said.

(Read more: Fintech Firm Paytaca Raises 350 BCH Fund, Announces Plans for the Next 6 Months)

Paytaca Bitcoin Cash Adoption in the Philippines

In a statement, the company expressed that with the new funding it is poised to revolutionize the payment landscape in the country by further promoting the widespread adoption of Bitcoin Cash through a streamlined, cost-effective peer-to-peer payment experience.

“Our vision at Paytaca is to create a payment ecosystem that not only empowers individual financial freedom through usage of crypto but also translates its advantages into tangible cost savings for users,” said Joemar Taganna, CEO of Paytaca. 

(Read more: Paytaca Launches Bitcoin Cash-Powered Vending Machine in Tacloban)

Enhancing Paytaca’s Features for Widespread BCH Adoption

Taganna noted that with Bitcoin Cash powering their wallet app, Paytaca is “delivering incentives that encourage broader adoption.”

Moreover, the funds will also be used to develop Paytaca’s essential features, grow the user base, and establish a merchant network in the Philippines and other regions with high BCH adoption.

Past Funding Rounds: Paytaca’s Growth Timeline

Last February, Paytaca raised 350 BCH on Flipstarter. The firm also disclosed its plans to integrate CashTokens, SLP DEX, CashFusion, and Flipstarter into its wallet, and launch Peer-to-peer AnyHedge, end-to-end encrypted chat, peer-to-peer ramp, peer-to-peer marketplace with delivery service, and potentially Thorchain and/or Sideshift by August.

In May 2022, the company also raised more than ₱7.5 million in pre-seed funding without giving up any equity through a decentralized crowdfunding platform.

BCH Payments Through Paytaca: Bitcoin Cash Wallet

According to a media release, Paytaca’s Bitcoin Cash wallet app currently has around 10,000 downloads and 2,000 active users across Android, Chrome extension, and iOS beta program.

“Cryptocurrency is usually understood by Filipinos to be purely for trading. Purchase, hold it, and hope it increases value. We, at Paytaca, want to change that by making cryptocurrency usable. Now, through the Paytaca wallet, even simple purchases like a cup of coffee or a doughnut, could be paid with crypto,” Paytaca Marketing Director Aaron JP Almadro stated.

He stated that the firm currently has “around a dozen merchants” accepting BCH within Tacloban City alone, an example of driving adoption of cryptocurrency in the Philippines.

“With the success of our seed funding, we will be able to onboard more merchants and entice more consumers to use BCH through Paytaca,” Almadro added.

Last October, Paytaca launched Bitcoin Cash-powered vending machines in Robinsons Mall North Tacloban.

This article is published on BitPinas: Paytaca Secures ₱24.5M Seed Fund to Drive Bitcoin Cash Adoption

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