PAYTACA Inc., a Philippine fintech company, just hit a major milestone after it secured over P7.5 million pesos in an equity-free pre-seed fund through a decentralized crowdfunding platform.
"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" said Dr. Joemar Taganna, Paytaca president and chief executive officer.
"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 thru the app," added Paytaca Marketing Director Aaron JP Almadro, who is based in Tacloban City.
As non-custodial crypto wallet app, Paytaca pushes for widespread use of cryptocurrency for payments and remittances.
“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,” the company said.
“It also facilitates token exchange and access of decentralized finance (DeFi) services through web 3.0 connectivity,” it added.
Paytaca 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, the United States, and Argentina, among other countries.
Almadro, together with the company’s Chief Finance Officer Dr. Micheal Machica, maintained that the testers “have mostly given positive feedback and are excited to see the app get fully implemented.”
Paytaca Inc. 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.
Currently, the community has donated no less than $3 million to more than a hundred campaigns including the recently successful one launched by Paytaca. (SunStar Philippines)