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News- According to Fintech News Philippines, Tiger Global led a US$50 million Series B financing in cryptocurrency trading platform Philippine Digital Asset Exchange (PDAX).
- Bonds, a blockchain-enabled software that allows users to invest in retail treasury bonds, was launched in 2020 by PDAX in collaboration with the Bureau of the Treasury and local financial giant UnionBank.
- Gaba stated that this round of funding will be used to construct secure and accessible infrastructure for the digital asset economy, emphasizing the necessity of responsible innovation.
The Philippine Digital Asset Exchange (PDAX)
PHILIPPINES – BONIFACIO GLOBAL CITY – Philippine Digital Asset Exchange (PDAX), a homegrown firm, said today that it has raised more than $50 million in funding led by Tiger Global. Tiger’s investment brings the company’s Series B round of funding to a close, which began with a $12.5 million investment.
A BSP-licensed virtual asset service provider that operates a digital asset exchange platform that is accessible via the web as well as iOS and Android. Bonds.ph, the world’s first blockchain-enabled software that allows retail investors to invest in retail treasury bonds directly from their mobile devices, was introduced in 2020 by PDAX in collaboration.
PDAX: the revolution of crypto in philippine
PDAX was launched in 2018 by CEO Nichel Gaba, who thought that cryptocurrencies and blockchain technology would not only disrupt the financial services business but would also alter the way we live.
“Crypto is the most transformational technology since the internet.” “We are already seeing applications in play-to-earn games, NFT projects, cross-border remittance, trading, and investment in the Philippines,” Gaba said.
Jump Capital, Kingsway Capital, Oak Drive Ventures, Draper Dragon, DG Daiwa Ventures, UBX Ventures, and Ripple are among Tiger Global’s partners. Cadenza Capital Management and Beenext Ventures, who led PDAX’s Seed and Series A investments, respectively, and have continued to support the company, are also participating.
“Millions of Filipinos now have access to cryptocurrencies thanks to PDAX.” “We are ecstatic to be working with Nichel and the team as they continue to grow the platform,” said Tiger Global partner Alex Cook.
“Among the world’s most powerful crypto exchanges, the Drapers were among the first to invest.” “Our network crypto fund, Dragon Draper, is ecstatic to support PDAX in pushing the objective of compliant crypto and Web3 adoptions in the fast-growing Philippines market,” said the company. stated Andy Tang, partner at Draper Dragon and Draper Associates.
Where will the funds be used?
Gaba stated that this round of funding will be used to construct secure and accessible infrastructure for the digital asset economy, emphasizing the necessity of responsible innovation.
“Today, PDAX allows for payments in metaverse applications, as well as crypto and fiat currency exchange.” He added, “In terms of infrastructure construction, however, there is still a lot of work to be done. We are in the midst of improvements that will make everyone’s access to digital assets safer, easier, and more efficient.”
“As the space develops, PDAX will continue to work with authorities to guarantee that all of these technologies protect and benefit users.”
The funds will be used to construct a safe and accessible infrastructure for the digital asset economy, according to the exchange, which is licensed by the country’s central bank.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
