Built by a team of homegrown and passionate entrepreneurs, SCI or Satoshi Citadel Industries has raised an additional US$100,000 as part of its ongoing seed funding round. Talking about the latest investment, serial entrepreneur and investor Joe Maristela hopes to encourage other angel investors as well and invite them to fund the Philippines’ burgeoning tech industry.
Similar views were shared by John Bailon, CEO and co-founder at SCI when he said that the latest seed funding is refreshing. He praised investor Mr. Maristela and said that he maintains a proactive involvement with the company and shares the passion for Bitcoin and what it can do for the Philippines.
According to him Joe Maristela’s investment helps the company reach the goal of empowering and financially including every Filipino. He further added that SCI, one of the largest Bitcoin ventures in Southeast Asia and an umbrella company of seven Filipino startups, has grown at a fast pace since its inception in early 2014.
Nonetheless, the team at the company has expended further from four co-founders to more than 20 employees in 10 months. The startup recently acquired the Philippines’ first Bitcoin exchange, Buybitcoin.ph as well. The acquisition aims to establish a presence in all stages of consumer involvement.
Focusing on Rapid Execution and Iteration
The company says that its focus on rapid execution and iteration has led to the development of strong, original, and robust products. These all represent a key link in the Bitcoin value chain i.e. adoption, liquidity, and utility. Nonetheless, working together, each of these services are designed to create a sustained and dynamic Bitcoin ecosystem for the Filipino market.
The Philippines has huge number of expatriates living in the US and elsewhere who send large quantities of remittances. The organization noted that remittance growth is expected to slow sharply in 2015 due to weak economic growth in Europe and the deterioration of the Russian economy. However, this is expected to go up later on.
To cater the requirements from the Diaspora from the country sending money back, the company is trying every bit to set up Bitcoin infrastructure. The company says it understands the unique competencies required to drive business in the local market, and has access to a firmly established network that enables it to tap the pivotal resources necessary.
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