In its bid to make crypto more accessible in the Philippines, Philippines Digital Asset Exchange (PDAX) announced that they were able to secure a $50 million Series B funding round with Tiger Global, a US-based equity firm.
Founded in 2018, PDAX aims to make crypto accessible to over 100 million residents in the Philippines, and its new funding from Tiger Global is aimed towards building a safe and accessible infrastructure for the digital asset economy.
“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,” PDAX CEO Nichel Gaba said.
PDAX Chief Operating Officer Kyle Kua said in an interview with Businessworld that the country’s adoption of crypto can be attributed to the tech-savviness of Filipinos, along with the rise of Play-to-Earn games like Axie Infinity. “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.”
Aside from the good news that they have received Series B funding, PDAX also raised $12.5 million in August 2021 for its operations–specifically with Bonds.PH.
PDAX also announced last February 3 that they are adding five new coins to its list of cryptocurrencies. These include Polygon (MATIC), Cardano (ADA), Dogecoin (DOGE), Polkadot (DOT), and Avalanche (AVAX).