Crypto Exchange PDAX Secures US$50 Million in Series B Led by Tiger Globalby Fintech News Philippines February 10, 2022
The Philippine Digital Asset Exchange (PDAX) announced that it has raised more than US$50 million in funding led by Tiger Global.
Tiger’s investment completes the company’s Series B funding round which began with US$12.5 million in August 2021.
Other investors include Kingsway Capital, Jump Capital, Draper Dragon, Oak Drive Ventures, DG Daiwa Ventures, Ripple and UBX Ventures.
Beenext Ventures and Cadenza Capital Management who led PDAX’s Seed and Series A rounds respectively, had also joined the round.
The exchange, which is licensed by the Bangko Sentral ng Pilipinas, said that the funds will go towards building a safe and accessible infrastructure for the digital asset economy.
PDAX had launched Bonds.ph, a blockchain-enabled app that allows investors to invest in retail treasury bonds, in partnership with the Bureau of the Treasury and Unionbank in 2020.
“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. As the space grows, PDAX will continue to work with regulators to ensure that all these innovations protect and create value for users.”
said Nichel Gaba, Founder and CEO of PDAX.