Crypto

PDAX Steels Itself for Impact of Bitcoin Halving on Cryptocurrency Landscape

In a recent address at the “What’s Halvening? Token Tales and Toasts” gathering in Rockwell, Makati City, PDAX CEO Nichel Gaba shed light on the platform’s preparedness for the anticipated Bitcoin halving.

Nichel Gaba

This process is integral to the cryptocurrency sector, and notably affects market trends due to its impact on the rate at which new Bitcoins are introduced to the market. PDAX CEO Nichel recollected the cryptocurrency exchange’s past experiences with Bitcoin halving, noting,

“When Bitcoin started going up in price, and customers started coming to our platform. That was a real test of our platform five years ago. That’s bound to happen again. But I guess the difference between that happening four years ago versus today, as far as feedback is concerned, is that our platform is ready.”

The Bitcoin halving, an event that occurs roughly every four years, halves the reward for mining new blocks, thereby slowing the influx of new Bitcoins and typically leading to increased market activity.

This year’s halving is particularly noteworthy due to its coinciding with regulatory advancements, such as the US Securities and Exchange Commission’s approval of spot exchange-traded funds (ETFs), which have simplified Bitcoin investment for both retail and institutional investors, contributing to a record price peak recently.

“This is the first halving event where there are already institutional participants in the crypto market[…] That’s why this upcoming halving is truly important,”

Nichel explained, highlighting the increased impact due to institutional participation.

Vincent Tio, Head of Platform Solutions at PDAX, spoke on the technical enhancements made in preparation for the halving and ETF approval, aimed at improving system stability and security. These measures reflect an ongoing effort to ensure that those interested in cryptocurrency have a reliable and secure means of engagement.

The conversation also ventured into the realm of regulation within the Philippines, with Nichel pointing out the proactive stance of local regulators towards financial innovation. He emphasised the critical role of regulation in maintaining platform integrity and building user trust, particularly in light of recent industry upheavals.

Founded in 2018 and regulated by the Bangko Sentral ng Pilipinas, PDAX has emerged as a prominent entity in the Philippines’ cryptocurrency exchange market. The platform, recognised for its security measures and a broad spectrum of over 70 assets which include cryptocurrencies and tokenised bonds, continues to eye expansion, indicating its commitment to adapting within a dynamic industry landscape.

Featured image credit: Edited from Freepik