2 years ago
Voyager reportedly plans to integrate cryptocurrencies, micro investments and security products into PayMaya, which already includes a integer wallet.
Voyager Innovations, the steadfast down the Philippines' apical integer payments app Paymaya, has announced it has achieved unicorn presumption aft a caller circular of funding, surpassing a $1 cardinal valuation.
Voyager Innovation announced Tuesday that the caller $210 cardinal superior boosted its valuation to $1.4 billion. The institution highlighted that the caller funds volition beryllium utilized to make crypto offerings that it precocious added to its flagship integer payments app PayMaya.
According to the quality release, the caller financing circular was led by SIG Venture Capital. It included well-known firms specified arsenic KKR, First Pacific Co., Tencent Holdings Limited and PLDT Inc., the Philippines' largest telecom provider.
As reported by Cointelegraph, PayMaya precocious introduced crypto services into the app, allowing consumers to buy, sell, and gain crypto utilizing it. The wealth volition beryllium utilized to make the crypto offerings further. PayMaya besides precocious obtained a Virtual Asset Services Provider (VASP) licence from the Philippine Central Bank. The steadfast volition besides put the currency successful PayMaya-branded integer slope services, specified arsenic savings and credit.
According to Voyager, astir of the Philippine colonisation is "underserved" successful presumption of net and integer finance. It aims to instrumentality vantage of this by extending its marketplace reach. As of March 31, PayMaya has implicit 47 cardinal users.
Related: Singaporean fintech adds Bitcoin payments for merchants with BitPay partnership
Over the past 2 years, Philippine's integer system has increased, acknowledgment mostly to Voyager and its rival Mynt. According to a study by Google, Temasek, and Bain & Co., the Philippines ' integer system accrued 94% from 2020 to 2021 and it is projected to scope $40 cardinal by 2025.
The enlargement of net commerce successful the state volition apt summation cryptocurrency adoption. The Philippines does not person immoderate regulations restricting the commercialized of integer currencies currently. However, the cardinal slope has repeatedly warned investors astir the risks successful the nascent market.
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