Blockchain Firm PumaPay Raises $117M USD In Private Token Salebr>
Blockchain firm PumaPay has raised $117 million in a token sale to private investors.
The fundraising has resulted in the Token Generation Event (TGE) that produced the total supply of 78,042,956,829 PMA tokens. The funds will support its open source blockchain billing protocol that will provide merchants with a way to process cryptocurrency payments.
“We are very proud and happy to have raised this amount of $117 million,” said PumaPay CEO Yoav Dror. “This great achievement will help us finish the development of our PullPayment Protocol, PumaPay wallets, the PumaPay Pride, and other innovative components to achieve our vision and values. It gives us the resource to expand our ecosystem, bringing more companies to adapt the protocol at this early stage.”
PumaPay‘s PullPayment Protocol was created to bring crypto payments into daily life. The company’s approach reverses the mechanisms of a transaction, enabling merchants to ‘pull’ crypto funds from their customers’ account, thus avoiding the drawbacks of the current banking systems. The company claims that this mechanism avoids high transaction costs and reduces the insecurity of chargebacks (reverse transactions) and associated fines.
The protocol enables merchants to run their businesses the way they’re used to with credit cards. It supports payment practices that have been impossible on the blockchain, including recurring payments with fixed and variable amounts, pay-per-use transactions, restricted and split payments, and more.
The company also announced that it has collaborated with notable companies, including adult entertainment giants, such as Vivid Entertainment, ImLive, AEBN, among others. Businesses from other industries, including Fashion TV, CCBill, Rent24, Backpack.io, and ExposeBox, have also committed to the platform.
“It is also a great honor that so many companies have committed to adapting the protocol from the onset, introducing PMA as a payment method and creating a strong foundation for the PumaPay economy,” Dror said.
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