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Local crypto platform Philippine Digital Asset Exchange (PDAX) has secured more than $50 million in a funding round led by the American investment firm Tiger Global Management. The crypto exchange aims to make digital currencies more accessible to residents in the country, which has one of the highest crypto adoption rates in Southeast Asia.
Joining Tiger Global in the funding round is UBX, the venture arm of Union Bank of the Philippines, according to Forbes. UBP is one of the Philippines’ largest lenders, which counts the Aboitiz family, one of the country’s richest clans, as its largest shareholder.
The financing round was also participated by U.S. blockchain payments firm Ripple, Japan’s DG Daiwa Ventures, Kingsway Capital, Jump Capital, Draper Dragon, Oak Drive Ventures, and Digital Garage. Beenext Ventures and Cadenza Capital Management also participated in the Series B funding round as returning investors, according to Coindesk.
PDAX will use the fresh capital to expand its infrastructure for the digital asset economy, according to Inquirer.net. “Today, PDAX facilitates the exchange of crypto and fiat currencies, and enables payments in and out of metaverse applications,” PDAX founder and CEO Nichel Gaba said in a statement. “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.”
The investments highlight crypto’s potential in the Philippines. In 2021, the country ranked third in terms of crypto adoption in Southeast Asia. The country also made headlines last year for its adoption of blockchain-based games that allow players to earn crypto such as Axie Infinity.
“Crypto is the most transformative technology we’ve seen since the internet,” Gaba added. “The Philippines is already seeing applications in play-to-earn games, NFT (non-fungible token) projects, cross-border remittance, trading, and investment,”
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