Startup
Posted: 7 months ago

Startup CityPay.io is the First Receive $ 500,000 Investment in cryptocurrency

 

Recently, the first precedent was set in Georgia - a Georgian startup received an investment in cryptocurrency. The startup itself creates the first and unique platform in the region and makes it possible for any type of business to receive crypto payments.

CityPay.io opened the investment round two months ago, after negotiating with several Georgian and foreign investors, finally reached an agreement and Angel's investment received the equivalent of $ 500,000 in cryptocurrency.

CityPay.io's future plans include exploring the international market, specifically the CIS countries, which was the main goal of making the investment. As the founders Beka Kemertelidze and Eralf Hatipoglu say, part of the money will be spent on product development, while a large part will be spent on marketing and sales to quickly increase the number of partners and accelerate the process of mastering crypto payments globally.

Recently, the public interest in cryptocurrency has been growing quite rapidly, as has the number of cryptocurrency owners, which has created a high demand for cryptocurrency payment options. Low fees, secure and anonymous transactions, transaction speed and high limits are the main benefits that make crypto owners prefer to trade in digital currency. Also interesting is the fact that the average volume of crypto payment transactions for online (e-commerce) payments is about twice as high as for card payments.

The CityPay.io platform is convenient for receiving payments both online and in physical merchants, and already supports more than 300 businesses. The scheme is quite simple, after registering on the website, the company creates a wallet in the cabinet, where it automatically or manually generates a payment order with a special QR code, which the user scans from any crypto wallet application. Most importantly, the company can withdraw money in the national currency - exactly by the value of the product.

CityPay.io became one of the favorite startups of the oldest European accelerator - StartupYard and went through a 3-month period of mentorship, which further accelerated the development process of the company.