We’ll look at a Philippines fintech company hitting the $1billion mark just five days after accepting crypto payment, but before you go on, do well to check our latest article on what is chainlink price prediction. You are sure to gain some insights.

Voyager Innovations, one of the Philippines’ biggest fintech companies, reached a valuation of $1 billion after accepting crypto payments some days before its latest round of funding. Voyager Innovations, the Parent company of PayMaya, made this announcement last Tuesday after its recent $210 million investment brought it into the circle of unicorn companies. According to the company’s report, the money will be primarily directed at improving its recent crypto offering.

PayMaya

PayMaya is a popular fintech company in the Philippines under the parent company, Voyager Innovations. It exists as Google and Youtube are under the company Alphabet. Following the steps of other popular fintech in the USA and Europe, PayMaya has recently released a new crypto feature on its App. Some features offered by the new development include easy entrance into the cryptocurrency space by everyone using the App and the ability to trade crypto assets from the comfort of a mobile device. Perhaps, what makes this crypto package on PayMaya special is that it removes the need for a KYC before a crypto wallet can be opened.

Words from the president of PayMaya were:

`We have seen how the PayMaya App has become an integral part of people’s lives for making purchases and sending money. It is only fair to give users the option of crypto integration. We know this is the next phase of the financial revolution, and we’re integrating a crypto feature on our App. This would help customers buy, sell, and keep cryptocurrency without hassle.’

Once existing users upgrade their accounts, they will be free to trade cryptocurrencies such as Bitcoin, Ethereum Solana, Cardano, and even DeFi tokens like Uniswap and CHainlink. Purchasing these tokens will not be done peer-to-peer alone. The users will be able to make these purchases using their Philippine bank accounts.

The Philippines is not the only country in south-east Asia with a growing rate of crypto adoption. Australia, Singapore, and Thailand are a few of the many countries in this part of Asia that are building a strong base in cryptocurrencies. Most of these countries have crypto as a legal asset, and there is no proof it is being regulated or monitored by the government in all except Singapore. For its position as a payment method, most countries here are clamping down on cryptocurrencies due to the risk it poses to buyers and sellers regarding volatility.

Also, the central banks of these countries are aware of the disruption posed by digital currencies but are taking a bold risk to integrate cryptocurrencies into their economies in a structured system.

The Philippines, in particular, has been at the forefront of embracing digital assets and even took steps to regulate this exciting new technology. As a member country with ASEAN – with membership status on offer for countries like Thailand or Malaysia who want it too – there’s no reason anyone should be left behind.

From the Philippines, the Finance Ministry has explained that profits from the popular play-to-earn game Axie Infinity will be taxed, seeing the prospects of earning extra revenue from the now popular game.

A few months ago, PayMaya announced that it had over 47 million users. With this new figure in mind and considering the underserved population of Philippines citizens who are looking to use the internet for financial gain, it’s no wonder why Voyager plans on taking advantage by extending its market reach even more.

The Philippines’ digital economy has been on the rise for two years now, and it’s not because of a few entrepreneurs. It all started with Voyager back in 2020 and their fierce rival, Mynt bringing answers to their own government’s economic improvement schemes). The result? Two companies that would become one among many competitors but still manage to grow exponentially faster than others due largely thanks to their innovative ideas like making everything open source so anyone can use them without restrictions or lesser fees.

The latest numbers show us just what kind of impact this new industry might be having: according to Google research teamed up between Temasek Singaporean investment firm; Bain & Co., It is reported that this increase in digital startup revenue will reach $40 billion within just three more years.

Conclusion

Cryptocurrency investors should note the risks in this emerging market before investing. The Philippines does not currently have any regulations restricting digital currency trade, but central bank warnings indicate that they may soon introduce restrictions or outright ban trading platforms if conditions worsen.

The expansion of internet-based commerce throughout the Asia Pacific will likely cause increased interest from residents who want greater access to cryptocurrencies. Philippines, Southeast Asia, Asia, and the whole world; the move is inevitable. While we await future updates on the growth of cryptocurrency and digital finance in this Asian country, you can buy cryptocurrencies from Redot.com.