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    Home»News»Cryptocurrency»Voyager Innovations Achieves Unicorn Status After Implementing Cryptocurrency Payments

    Voyager Innovations Achieves Unicorn Status After Implementing Cryptocurrency Payments

    MatthewBy MatthewApril 12, 2022No Comments3 Mins Read
    Voyager Innovations Achieves Unicorn Status After Implementing Cryptocurrency Payments
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    Voyager Innovations, the company behind the Philippines’ largest digital payment app Paymaya, announced that it has achieved unicorn status following a recent funding round, surpassing a $1 billion valuation.

    Voyager Innovation announced Tuesday that the $210 million of new capital brought its valuation to $1.4 billion. The company highlighted that the new funds will be used to develop the cryptocurrency offerings it has recently added to its flagship digital payments app, PayMaya.

    According to the press release, the recent funding round was led by SIG Venture Capital. Renowned companies such as KKR, First Pacific Co, Tencent Holdings Limited and PLDT Inc, the largest telecommunications provider in the Philippines, participated in it.

    As we told you before, PayMaya recently introduced cryptocurrency services on the app, allowing consumers to buy, sell, and earn crypto using the app. The capital injection will be used to further develop the application cryptocurrency offerings. PayMaya also recently obtained a Virtual Asset Service Provider (VASP) license from the Central Bank of the Philippines. The company will also invest the money in PayMaya-branded digital banking services, such as savings and loans.

    According to Voyager, the majority of the Filipino population is “underserved” in terms of the Internet and digital finance. Their goal is to take advantage of it by expanding their reach in the market. As of March 31, 2022, PayMaya had more than 47 million users.

    In the last two years, the Philippine digital economy has grown, largely thanks to Voyager and its rival Mynt. According to a study by Google, Temasek, and Bain & Co., the Philippine digital economy grew 94% from 2020 to 2021 and is projected to reach $40 billion by 2025.

    Read:  A cryptocurrency donation startup launches a form addressed to the IRS before the imminent tax season in the US.

    The expansion of internet commerce in the country is likely to increase the adoption of cryptocurrencies. Currently, the Philippines does not have any regulations that restrict the trading of digital currencies. However, the central bank has repeatedly warned investors about the risks of this nascent market.

    Clarification: The information and/or opinions expressed in this article do not necessarily represent the views or editorial line of Cointelegraph. The information set forth herein should not be taken as financial advice or investment recommendation. All investment and commercial movement involve risks and it is the responsibility of each person to do their due research before making an investment decision.

    Investments in crypto assets are not regulated. They may not be suitable for retail investors and the full amount invested may be lost. The services or products offered are not aimed at or accessible to investors in Spain.

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