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PDAX Founder and CEO Nichel Gaba Banner
Philippine Digital Asset Exchange (PDAX) today announced the completion of its more than US$50 million Series B funding round, led by Tiger Global.
The co-investors are Kingsway Capital, Jump Capital, Draper Dragon, Oak Drive Ventures, DG Daiwa Ventures, Ripple, and UBX Ventures.
Investors from its earlier rounds, including Beenext Ventures and Cadenza Capital Management, also joined this round.
PDAX started raising Series B with a US$12.5 million funding in August 2021.
Also Read: Why the Philippines is set to become the crypto capital in Southeast Asia
Established in 2018 by CEO Nichel Gaba, PDAX is a central bank-licensed digital asset exchange platform. It provides Filipinos with a “safe, easy-to-use” platform to buy and sell digital assets and engage in metaverse applications.
Officially launched in the Philippines in 2019, the app is available on the web and both iOS and Android.
In 2020, PDAX, in partnership with the Bureau of the Treasury and Unionbank, launched Bonds.ph. This blockchain-enabled app allows retail investors to invest in treasury bonds from 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 company will use the Series B funds to build a safe 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 believes that blockchain technology and digital assets will create a level playing field, empowering Filipinos to grow their wealth from all walks of life.
Also Read: Inside the changing landscape of Asian cryptocurrency exchanges
There are more than 100 million people in the Philippines, but most 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.
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