The Philippine Digital Asset Exchange (PDAX) announced today it has raised US$12.5 million (₱ 630 million) in funding led by an unknown VC firm based in the UK, with participation from Hong Kong-listed fintech company BC Group.
Most of PDAX’s existing investors, including Beenext and CMT Digital, besides Ripple and several prominent family offices in the country, also joined the round.
UBX, the VC arm of leading Filipino digital bank UnionBank, is also an investor in the firm.
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Nichel Gaba, founder and CEO of PDAX, said that the latest investment would fuel its short- and long-term growth plans as it continues to expand, improve, and roll out more products and features to help digitise the financial services landscape in the country.
Launched in 2018, PDAX is a cryptocurrency exchange. It provides Filipinos with a platform to trade the world’s leading digital assets, including Bitcoin, directly with PHP and at globally competitive rates.
The company claims it has seen 25x growth in user count and an 80x rise in monthly volumes since the onset of COVID-19 in March 2020. In the latter part of that year, PDAX also launched a mobile app.
It has also expanded into tokenised securities by collaborating with the Bureau of the Treasury and Unionbank in launching Bonds.PH. Bonds.PH is the world’s first blockchain-enabled app that allows retail investors to invest in retail treasury bonds right from their mobile devices.
PDAX plans to continue developing its cryptocurrency exchange into a world-class platform. PDAX also intends to add more features and support more digital assets towards the end of the year.
The company also looks to grow the Bonds.PH app by introducing more investment options and features, particularly for overseas Filipino workers (OFWs) who want to invest in the country.
According to Gaba, today, the world needs inclusive financial services more than ever. However, the age-old problems such as the lack of accessible, secure, and affordable ways to transact and invest remain.
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“We are in a golden age of cryptocurrency adoption and technology-driven transformation in the Philippines,” Gaba added. “We are already making remittances into the country much cheaper by helping remittance companies utilise cryptocurrencies. We also provide them with a deep and liquid market to convert crypto into Philippine pesos.”
According to the World Economic Forum, the Philippines has seen the third-highest rate of cryptocurrency usage in the world behind Nigeria and Vietnam.
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Image Credit: PDAX
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