Paytaca, a pioneering startup in the cryptocurrency industry, has successfully closed its seed funding round, raising $450,000 (approximately Php24.5M) from prominent angel investors worldwide.
The company intends to revolutionize the payment landscape by promoting the widespread adoption of Bitcoin Cash (BCH) through a streamlined, cost-effective peer-to-peer payment experience. They have had two successful pre-seed funding campaigns in the last year alone.
Paytaca, founded by Dr. Joemar Taganna (CEO), Aaron JP Almadro (Marketing Director), and Michael Machica (CFO), has made waves in the market by offering a single cryptocurrency-focused approach rather than adopting multiple cryptocurrencies, as many of its competitors do. The strategic choice for BCH was motivated by its exceptional speed, affordability, programmability, and widespread global payment usage.
“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. 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.
Molecular, Mike Komaransky, Renegade D, Toorik, and other prominent cryptocurrency angel investors led the seed funding round. The funds will accelerate the development and rollout of critical features, expand Paytaca’s user base, and build a strong merchant network, beginning in the Philippines and other BCH adoption hotspots.
Paytaca’s fully functional, feature-rich BCH wallet app has reached significant milestones. The app has received approximately 10,000 downloads quickly, with 2,000 active users across Android, Chrome extension, and iOS beta programs combined.
Unlike other traditional wallet companies, Paytaca is committed to developing various innovative services within its BCH-focused wallet super app, such as an online marketplace and delivery services for subscribed merchants and peer-to-peer exchange, with low to nearly zero service fees.
“Most Filipinos believe that cryptocurrency is only used for trading. Purchase, hold, and hope the value increases. Paytaca aims to change this by making cryptocurrency usable. Simple purchases, such as coffee or doughnuts, can now be made with cryptocurrency using the Paytaca wallet. Within Tacloban City alone, we have about a dozen merchants. With the success of our seed funding, we will be able to onboard more merchants and persuade more consumers to use BCH via Paytaca,” says Marketing Director Aaron JP Almadro.
The Paytaca team’s commitment to its mission was not lost on the global BCH community. “Paytaca’s dedication to making the benefits of cryptocurrencies accessible and affordable is in line with our investment philosophy. We are thrilled to be able to support their vision of a more equitable and free society “said Molecular, a Paytaca investor.
