PDAX (Philippine Digital Asset Exchange) announced today the close of its Series B funding round, led by Tiger Global and including Kingsway Capital, Jump Capital, Draper Dragon, Oak Drive Ventures, DG Daiwa Ventures, Ripple, and UBX Ventures.
This round included investors from previous rounds, including Beenext Ventures and Cadenza Capital Management. In August 2021, PDAX began raising Series B fundraising with a US $12.5 million investment.
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 established in 2020 by PDAX in collaboration with the Bureau of the Treasury and Unionbank. Retail investors may buy in government bonds using this blockchain-enabled software 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 funding will be used to create a secure and accessible infrastructure for the digital asset economy.
“Today, PDAX facilitates the exchange of crypto and fiat currencies and enables payments in and out of metaverse applications. But there is still a lot of work to be done in building infrastructure. We are in the middle of developments that will continue to make access to digital assets safer, easier and more efficient for everyone,” he added. “As the space grows, PDAX will continue to work with regulators to ensure that all these innovations protect and create value for users.”
PDAX thinks that blockchain technology and digital assets would level the playing field, allowing Filipinos from all walks of life to develop 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. “PDAX is making crypto more accessible to millions of people in the Philippines,” said Alex Cook, Partner, Tiger Global.
