Local Crypto Exchange PDAX Raises P2.56 Billion in Series B Round
Philippine Digital Asset Exchange (PDAX) has raised $50 million (about P2.56 billion) in a Series B round, the company announced on Thursday (February 10). The fundraising was led by Tiger Global with participation by Kingsway Capital, Jump Capital, Draper Dragon, Oak Drive Ventures, DG Daiwa Ventures, Ripple, UBX Ventures, BEENEXT, and Cadenza Capital Management.
PDAX says it intends to use the fresh capital to “build regulated plug-and-play solutions for metaverse applications, fintech, and digital banking apps."
PDAX has now raised over $50 million (about P2.256 billion) after securing $12.5 million last August.
PDAX is an order-book exchange that offers Filipinos fair access to the top cryptocurrencies and other digital assets. Founded in 2017 and regulated by the Bangko Sentral ng Pilipinas, it operates as cryptocurrency exchange, letting users buy and sell cryptocurrencies like Bitcoin using the Philippine peso. It is currently one of the most popular trading platforms for those with an interest in the nascent world of cryptocurrencies.
“A lot of Filipinos took time … to start learning about cryptocurrencies and venturing into the space, be it by trading, investing, or playing,” PDAX COO Kyle Kua told BusinessWorld about Filipinos’ mass adoption to crypto. He said the daily profits of some P2E games were higher than minimum wage. “Knowing how social Filipinos can be, the interest to create crypto wallets and start playing these games shot up across the Philippines—not just in Metro Manila, but in the provinces as well.”
According to the BusinessWorld report, PDAX saw a 35-fold growth in user sign-ups since the start of the pandemic and added five new coins to its listed cryptocurrencies earlier this month.
Last year, PDAX launched Bonds.ph, a blockchain-enabled app that allows investors to invest in retail treasury bonds, in partnership with the Bureau of the Treasury and Unionbank.
“Today, PDAX facilitates the exchange of crypto and fiat currencies, and enables payments in and out of metaverse applications,” said PDAX funder and CEO Nichel Gaba. “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. As the space grows, PDAX will continue to work with regulators to ensure that all these innovations protect and create value for users.”