A Bitcoin remittance company raised $850,000 in funding

According to CoinDesk on October 10 , Singapore 's former Bitcoin remittance startup Toast received $ 850,000 in seed funding. Toast is seen as Cryptosigma and has moved away from Bitcoin and blockchain technology .

The company, which aims to provide a convenient and fast international remittance solution for Filipinos working in Singapore, announced in July that it would rebrand and operate an “ invisible bitcoin ” solution.

The announcement reads:

“ Bitcoin is wonderful, but it’s not yet suitable for the mass market. We want to help it develop a product that can solve real big problems, not ten years from now. This product can attract a large enough user base. ”

Toast now allows consumers to download its smartphone app — available on the Google Play Store — and send money to relatives in the Philippines using local offline travel cards or bank cards, bypassing traditional remittance agents.

This will allow Toast to quickly enter the Philippine remittance market. A 2010 World Bank study showed that the world's second largest international remittance market is Asia, with international remittances accounting for 1.3% of GDP.