Philippine-based crypto exchange platform PDAX (Philippine Digital Asset Exchange) announced that it raised more than $50 million in its Series B fundraising round led by Tiger Global.
Kingsway Capital, Jump Capital, Draper Dragon, Oak Drive Ventures, DG Daiwa Ventures, Ripple, and UBX Ventures also participated in the funding round
In August 2021, PDAX began raising Series B fundraising with a $12.5 million round.
PDAX is a central bank-licensed digital asset trading platform founded in 2018 by CEO Nichel Gaba. It offers Filipinos a “secure, easy-to-use” platform for buying and selling digital assets as well as participating in metaverse applications.
The app was officially introduced in the Philippines in 2019 and is available on the web, as well as on iOS and Android devices.
Bonds.ph was launched in 2020 by PDAX in collaboration with the Bureau of the Treasury and Unionbank. Retail investors can buy in government bonds using this blockchain-enabled app on their mobile devices.
“Crypto is the most transformative technology we’ve seen since the internet. The Philippines already sees applications in play-to-earn games, NFT projects, cross-border remittance, trading and investment,” said Gaba.
The Series B funds will be used to create a secure and accessible infrastructure for the digital asset economy.
He added that today, PDAX enables payments in and out of metaverse applications, as well as the exchange of crypto and fiat currency.
However, Gaba said there is still much work to be done in terms of infrastructural development. in the midst of changes that will improve everyone’s access to digital assets safer, easier, and more efficient.
As the market matures, PDAX will continue to collaborate with regulators to guarantee that all of these technologies protect and benefit consumers.
PDAX believes that blockchain technology and digital assets will level the playing field, allowing Filipinos from all walks of life to grow their wealth.
The Philippines has a population of over 100 million people, however, the majority of them do not have easy access to financial services.
Tiger Global Partner Alex Cook stated PDAX is making cryptocurrency more accessible to millions of Filipinos.