Local cryptocurrency exchange operator Philippine Digital Asset Exchange (PDAX) has raised $50 million from a new equity funding round led by American investment firm Tiger Global.
Tiger’s investment completes the company’s “series B” round, which began with the $12.5-million fundraising in August 2021. Series B financing is for a company that has met certain milestones after its startup phase and is preparing to scale up market position.
The fresh capital will be used by PDAX to expand its infrastructure for the digital asset economy.
PDAX was founded in 2018 by its CEO Nichel Gaba, who believes that cryptocurrencies and blockchain technology will not only disrupt the financial services industry, but also revolutionize the way people live.
Current applications
“Crypto is the most transformative technology we’ve seen since the internet. The Philippines is already seeing applications in play-to-earn games, NFT (non-fungible token) projects, cross-border remittance, trading and investment,” Gaba said in a press statement on Thursday.
In building “safe and accessible” infrastructure for the digital asset economy, Gaba emphasized the importance of responsible innovation.
“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 said.
“As the space grows, PDAX will continue to work with regulators to ensure that all these innovations protect and create value for users,” he added.
PDAX is a Bangko Sentral-licensed virtual asset service provider, operating a digital asset exchange platform. In 2020, it launched bonds.ph, the world’s first blockchain-enabled app that allows retail investors to invest in retail treasury bonds right from their mobile devices, in partnership with the Bureau of the Treasury and UnionBank.
Joining Tiger Global in the funding round are Kingsway Capital, Jump Capital, Draper Dragon, Oak Drive Ventures, DG Daiwa Ventures, Ripple and UBX Ventures. Also taking part are early investors Beenext Ventures and Cadenza Capital Management.