Tiger Global has invested $50 million in the Philippine Crypto Exchange. On Thursday, February 10, the Philippine Cryptocurrency Exchange (PDAX) received $50 million in funding in a Series B round led by Tiger Global Management.
PDAX was founded in 2018 to trade and settle transactions involving the Philippine Peso. The Philippine Digital Asset Exchange has raised a total of $63.6 million in five rounds of funding.
According to Chainalysis, a blockchain data platform, the exchange hopes to bring cryptocurrency trading to Southeast Asia, where the country ranked third in digital asset adoption in 2017.
Union Bank of the Philippines, one of the Philippines’ wealthiest families, has invested in UBX, the bank’s venture fund, Kingsway Capital, and Jump Capital.
Nichel Gaba, The Founder And CEO Of PDAX Made The Following Statement
“Today, PDAX enables the exchange of crypto and fiat currencies within and between metaverse applications.” As time goes on, everyone’s access to digital assets will become more secure, simple, and efficient.” Tiger Global facilitated a $12.5 million financing round for PDAX earlier this year.
As Of August 2021, PDAX Had Already Raised $12.5 Million In Investment
When asked about the Philippines’ overwhelming adoption of cryptocurrencies, PDAX chief operating officer Kyle T. Kua stated it was due to Filipinos’ inherent technological prowess as well as the advent of the Play-to-Earn (P2E) sector as a result of the global epidemic.
According to him, the daily income from several P2E games exceeded the minimum wage. “A lot of Filipinos…took their time…to begin learning about cryptocurrencies and entering the market, whether through trading, investing, or fun.” Knowing how outgoing Filipinos can be, interest in creating crypto wallets and beginning to play these games has skyrocketed across the Philippines – not just in Metro Manila, but also in the countryside.
Since the lockout, more than 35 times as many people have joined PDAX, which introduced five new cryptocurrencies on its roster on Feb. 3.
According to Nix T. Diego, the company’s assistant vice president for marketing, Avalanche (AVL), Dogecoin (DOGE), Polkadot (DOT), and Cardano (ADA) are among the most sought-after new tokens among the PDAX community (AVAX). Patricia B. is Mirasol.