Paytaca secures Php24.5M in Seed Funding to drive widespread adoption of Bitcoin Cash in payments
Summary
Paytaca, a pioneering startup in the cryptocurrency industry, has successfully closed its seed funding round, raising $450,000 (around Php24.5M) from prominent angel investors from abroad. They have had two successful pre-seed funding campaigns in the past year alone.Founded by Dr. Joemar Taganna (CEO), Aaron JP Almadro (Marketing Director), and Michael Machica (CFO), Paytaca has made waves in the market by offering a single cryptocurrency-focused approach instead of adopting multiple cryptocurrencies like many of its competitors. With Bitcoin Cash at the core of our wallet super app, we are delivering incentives that encourage broader adoption, said Joemar Taganna, CEO of Paytaca.The seed funding round was backed by esteemed angel investors from the cryptocurrency space led by Molecular, Mike Komaransky, Renegade D, and Toorik. The injection of funds will accelerate the development and rollout of critical features, expand Paytacas user base, and establish a robust merchant network, starting in the Philippines and other regions that are considered hotspots of BCH adoption.Paytaca has already achieved significant milestones with its fully functional, feature-rich BCH wallet app. Within a short span, the app has garnered approximately 10,000 downloads, with 2,000 active users across Android, Chrome extension, and iOS beta program combined.Unlike other traditional wallet companies that merely focus on enabling cryptocurrency storage and spending, Paytaca is committed to create a range of innovative services within its BCH-focused wallet super app, like online marketplace and delivery services for subscribed merchants as well as peer-to-peer exchange, with low to almost virtually zero service fees.Cryptocurrency is usually understood by Filipinos to be purely for trading.