Philippines Digital Asset Exchange (PDAX), a Philippines-based cryptocurrency exchange platform recently received an undisclosed sum of funding from BitMEX Ventures.
Founded in 2017, PDAX currently works closely with selected regulators to ensure safe and secure buying and selling of digital assets. Besides regulatory developments, the cryptocurrency exchange also seeks to enable the trading of commodities, real estate equities, and debt securities in tokenized form.
PDAX obtained its virtual currency exchange (VCE) license from the Philippine central bank Bangko Sentral ng Pilipinas (BSP) last year, enabling the exchange of Philippine Piso against cryptocurrencies, such as Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), Litecoin (LTC), among others.
The co-founder and CEO of PDAX, Nichel Gaba, says a limited infrastructure in the country has left consumers struggling to access financial products and services. He added:
“Through digital assets and blockchain, we want to even the playing field to give every Filipino from all walks of life the ability to grow their hard-earned wealth.”
PDAX says it is working closely with regulators to ensure the safe and secure buying and selling of cryptocurrencies and other digital assets at the best price on the market.
BitMEX Ventures – the investment arm of the popular BitMex trading platform – has made a number of investments since inception in 2018, and is committed to advancing financial inclusion and accessibility to trading cryptocurrencies.
Arthur Hayes, the co-founder and CEO of BitMEX, said the cryptocurrency trading platform sees a large amount of trading volume from consumers in the Philippines — adding he was confident in PDAX’s ability to increase cryptocurrency adoption in the country while helping the public learn more about digital assets.
In April, payment services firm Bitspark announced plans to release a cryptocurrency pegged to the Philippine Piso.
And earlier in the year, Western Union partnered with the Philippines-based Coins.ph to enable consumers to conduct cross-border money transfers and receive funds directly into their e-wallets.