Philippines crypto exchange PDAX raises $50mn in Series B round

February 11, 2022

By Priyanka Shetty

Crypto exchange Philippine Digital Asset Exchange, also known as PDAX, closed a $50 million Series B funding round led by private equity giant Tiger Global.

Here’s what you need to know:

  • Main investor is UBX, the venture fund of UnionBank of the Philippines and other investors include Kingsway Capital, Jump Capital, U.S. blockchain payments firm Ripple and DG Daiwa Ventures, the investment company jointly established by Japan’s Daiwa Securities Group and Digital Garage.
  • Nichel Gaba, founder and CEO of PDAX, said: “Today, PDAX facilitates the exchange of crypto and fiat currencies, and enables payments in and out of metaverse applications. We are in the middle of developments that will continue to make access to digital assets safer, easier and more efficient for everyone.”
  • The round started in August when the company raised $12.5 million. The funding will go “towards building safe and accessible infrastructure for the digital asset economy,” Mr. Gaba said.
  • PDAX wants to make crypto investments accessible in the Philippines, where P2E game Axie Infinity has flourished. The firm had partnered with BitMex Ventures and ConsenSys, the blockchain software firm that operates the popular MetaMask crypto wallet.
  • A few of the people who took part in the funding rounds are Kingsway Capital, Jump Capital, Draper Dragon, Oak Drive Ventures, DG Daiwa Ventures, Ripple and UBX Ventures.

 


About the author

Priyanka Shetty is a full-time communication professional and a part-time crypto writer based in Bengaluru. She can write about crypto but not so much about herself. She says she is just a girl who wants to meet your dog.

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