Philippines’ PDAX secures $50M in latest funding round

Philippine Digital Asset Exchange (PDAX), one of the popular crypto exchanges in the Philippines, announced Thursday that it raised $50 million in a Series B funding round led by investment firm Tiger Global.

Other participants in the round include 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.

Launched in 2018 by founder and CEO Nichel Gaba, PDAX is one of the leading crypto exchanges in the Philippines, growing by more than 35 times in user sign-ups during the pandemic era. Gaba noted in the press release:

“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.”

The exchange previously raised $12.5 million in August last year in its first close of the Series B funding. With the latest capital, PDAX plans to build a “safe and accessible infrastructure for the digital asset economy.”

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