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Philippine crypto exchange PDAX raises $50 million in funding
Philippine Digital Asset Exchange (PDAX) has raised more than $50 million in a funding round. The exchange aims to facilitate access to cryptocurrencies in one of the most dynamic economies in the East Asia-Pacific region.
The funding round was led by Tiger Global
New York-based investment firm Tiger Global Management led the funding round and has invested $35 million in the Philippine based cryptocurrency exchange. Other investors in the round include UK-based Kingsway Capital, Jump Capital, Draper Dragon, Oak Drive Ventures, DG Daiwa Ventures, Ripple, UBX Ventures, BEENEXT Ventures and Cadenza Capital Management."PDAX is making crypto more accessible to millions of people in the Philippines. We are excited to back Nichel and the team as they continue to expand the platform and deliver a top-tier customer experience," Tiger Global partner Alex Cook said in a statement. PDAX said it will use proceeds from the latest round of funding to build a secure and accessible infrastructure for the digital asset economy.
What is the goal of Philippine Digital Asset Exchange?
PDAX was established in 2018 by Gaba, who spent nearly a decade working in various roles in investment banking, including HSBC. It is one of the 18 licensed virtual asset service providers in the Philippines. Today, PDAX has about 500,000 users, and PDAX has also teamed up with the UnionBank and the country's treasury bureau to launch a blockchain-based app that allows traders to invest in retail treasury bonds.The funding round highlights the potential for cryptocurrencies in the Philippines. The country ranked third in Southeast Asia for digital asset adoption last year, according to blockchain data platform Chainalysis, and it seems PDAX was in the correct position, as its mission to make crypto investing accessible to the people of the Philippines has attracted established players in the emerging industry. The company said it has partnered with BitMex Ventures and ConsenSys, the blockchain software firm that operates the popular MetaMask crypto wallet.
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