Philippine-based startup Philippine Digital Asset Exchange (PDAX) just secured more than $50 million in funding led by Tiger Global. Tiger’s investment completes the company’s Series B round of funding, which began with $12.5 million in August 2021.
“PDAX is making crypto more accessible to millions of people in the Philippines. We are excited to back Nichel and the team as they continue to expand the platform and deliver a top-tier customer experience,” said Alex Cook, partner, Tiger Global.
Joining Tiger Global are Kingsway Capital, Jump Capital, Draper Dragon, Oak Drive Ventures, DG Daiwa Ventures, Ripple, and UBX Ventures. Also taking part are early investors Beenext Ventures and Cadenza Capital Management, who led PDAX’s Seed and Series A rounds, respectively, and have continued to support the company.
PDAX was founded in 2018 by chief executive officer Nichel Gaba, who believed that cryptocurrencies and blockchain technology would not only disrupt the financial services industry, but also revolutionize the way we live.
“Crypto is the most transformative technology we’ve seen since the internet,” Gaba said. “The Philippines is already seeing applications in play-to-earn games, NFT projects, cross-border remittance, trading and investment,” Gaba said.
Gaba explained that this round of funding will go towards building safe and accessible infrastructure for the digital asset economy and emphasized the importance of responsible innovation.
“Today, PDAX facilitates the exchange of crypto and fiat currencies and enables payments in and out of metaverse applications,” he said. “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.”
PDAX is a BSP-licensed virtual asset service provider, operating a digital asset exchange platform, available on the web and in both iOS and Android. In 2020, PDAX, in partnership with the Bureau of the Treasury and Unionbank, launched Bonds.ph, the world’s first blockchain-enabled app that allows retail investors to invest in retail treasury bonds right from their mobile devices.