PumaPay has raised $117m in a private token sale through the deployment of 78 billion PMA tokens.
PumaPay is a free, open-source blockchain-based payments protocol which supports a wider use of cryptocurrencies for payments. The company has developed a ‘PullPayment: Smart contracts’, enabling cryptos to be used sending money from side A to side B, but also supporting connections in reverse after payments.
Its technology can be used for a range of processes including fixed amount or time recurring payments, pay-per-use, one-time transactions, shared transactions, or restricted payments.
Following the close of the sale, the company will look to test its ‘next gen blockchain’, launch the PumaPay Wallet update to support all recurring payments, release support for third-party services on the app, and develop its PullContract Wizard, which supports the creation of contracts.
In a blog pose PumaPay CEO Yoav Dror said, “No words can describe the team’s and my personal gratitude for your support and faith in the project. Our contributors have given life to the PumaPay project, enabling us to develop the PullPayment Protocol at the full scale. We are also grateful for the support of our Launch Partner and Early Adopters who represent the processing volume of over $10 Billion/year.”
Investments into cryptocurrency companies saw a colossal rise last year, according to data by FinTech Global. Across 2017 there was $853m deployed to companies in the space, compared to 2016 when just $105m was invested. The rise in funding was met by an increase in number of deals, with five more transactions being completed.