March 4, 2019 – Blockchain-based ticketing startup Ticket2Me has secured funding to expand its platform to serve more users in the Philippines.
Ticket2Me aims to be the easiest way to secure tickets to events in the Philippines. Users can purchase tickets through its web platform or app and they will receive the tickets via email. Ticket issuers can also verify tickets in real time through the mobile app.
Previously, CEO Darwin Mariano said he built Ticket2Me to solve the inconveniences customers and issuers experience when it comes to ticket selling and buying. Furthermore, he stated that his solution to buyers who don’t have credit cards to buy tickets online is by expanding ticket payment options. To date, Ticket2Me accepts payments made through ECPay, 7-Eleven, MLhuillier, and GCash. (Read More: How to Buy Bitcoin and Cryptocurrency Using GCash)
The new funding comes from Citystate Group, which offered $350,000 (Php 18 million) to Ticket2Me, which said in a statement that it will use the funds to set up offices outside Metro Manila and Metro Cebu. Additionally, it plans to establish regional headquarters in Malaysia and Hong Kong.
Ticket2Me claims to have sold more than 29,000 tickets on over 1,300 live events as of May 2018. A public sale of its blockchain-based tokens is also in the works. (Read More: Philippine Airlines Bitcoin? | Buying Flight Tickets With Cryptocurrency)
Last year, global ticketing firm Ticketmaster has acquired Upgraded, a blockchain-focused live events firm. The acquisition allows Ticketmaster, which is a division of live-entertainment business Live Nation, to digitize tickets so that they are protected by blockchain technology via encrypted codes.
Recently, blockchain-based ticketing company Bandwagon said blockchain can solve the problem of ticket fraud, which cost the industry $2.3 billion in fake ticket sales. In a statement, founder Harold Hughes said that the blockchain can address this issue because the rules are enforced by smart contracts securely and cryptographically.
This article originally appeared on BitPinas: PH Blockchain-based Ticketing System Ticket2Me Plans Expansion Outside Manila