Philippines’ Fintech Achieves Unicorn Status
After a recent round of funding, Voyager Innovations, the company behind the Philippines’ most popular digital payments app Paymaya, has announced that it has achieved unicorn status, surpassing a $1 billion valuation.
The fresh $210 million funding raised Voyager Innovation’s valuation to $1.4 billion. Hence, the company’s new funds will go to developing crypto products that the firm recently added to its main digital payments software PayMaya. PayMaya just added crypto services to the app, allowing users to buy, trade, and earn cryptocurrency. The funds will utilize to expand the cryptocurrency offerings. The Philippine Central Bank recently granted PayMaya a Virtual Asset Services Provider (VASP) license.
The Philippines ‘ digital economy has grown in the last two years, thanks to Voyager and its competitor Mynt.
Cryptocurrency usage should rise as the country’s internet commerce expands. Currently, there are no restrictions on the trade of digital currencies in the Philippines. On the other hand, the central bank has repeatedly warned investors about the dangers of the embryonic market.
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