Philippines Digital Asset Exchange (PDAX), a locally based cryptocurrency exchange platform recently received an undisclosed sum of funding from BitMEX Ventures. This news follows a recent investment by Consensys into PDAX.
According to BitMEX co-founder and CEO Arthur Hayes, they see a substantial amount of trading volume from users in the Philippines.
“We are confident in the transformative potential of cryptocurrency and PDAX’s ability to widen access to the Philippines market and provide the tools to learn more about financial markets,”
Hayes said, noting BitMEX targets to further empower traders with a more improved and affordable Bitcoin transfer platform.
Founded in 2017, PDAX currently works closely with selected regulators to ensure safe and secure buying and selling of cryptocurrencies and other digital assets. And besides regulatory developments, the blockchain startup also seeks to enable the trading of commodities, real estate equities, and debt securities in token form.
PDAX obtained its virtual currency exchange (VCE) license from the the Philippine central bank or Bangko Sentral ng Pilipinas (BSP) last year, allowing it to facilitate the exchange of Philippine Peso with cryptocurrencies, tokens, and other forms of virtual currency, such as Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), Litecoin (LTC), among others.
Featured image credit: Nichel Gaba, Co-Founder/CEO at PDAX, screengrab from Youtube
This article first appeared on fintechnews.sg
