UK-based venture capital firm invests in Philippine digital asset exchange
The Philippine Digital Asset Exchange (PDAX), a virtual bureau de change authorized by the Bangko Sentral of the Philippines (BSP), the country’s central bank, revealed earlier this week that it had raised $ 12.5 million in capital.
PDAXthe investment cycle would have been led by a UK– Venture capital company headquartered. Other investors in the crypto exchange include the Hong Kong SFC-approved crypto asset operator BC Group, the venture capital unit of UnionBank UBX, Beenext companies, Digital CMT, and American Fintech Ripple labs.
PDAXManagement has indicated that it will use the proceeds to support its short-term and long-term business expansion plans as the digital currency trading platform continues to introduce additional products and services.
PDAX introduced its virtual currency exchange in 2018 to provide Filipino consumers with a more accessible platform where they can trade crypto-assets such as Bitcoin (BTC) using local currency.
During the second half of 2020, the cryptocurrency exchange also introduced the PDAX mobile app to make it easier for users to trade digital assets.
PDAX has also extended to tokenized securities, working in cooperation with the Treasury Office and Unionbank presenting Obligations.PH, a blockchain or DLT-based application that allows retail investors to invest in retail treasury bonds.
Nichel Gaba, Founder and CEO of PDAX, said:
“We are already making remittances into the country much cheaper by helping money transfer companies use cryptocurrencies and providing them with a deep, liquid market to convert cryptos to Philippine pesos.”
“Today, we need inclusive financial services more than ever. However, the age-old problems remain – the lack of easy, secure and affordable ways to transact and invest. We want to change that, and we believe that with greater adoption of cryptocurrencies and blockchain technology, we can. “
Bitcoin (BTC), Ethereum (ETH) and various other digital currencies are increasingly used by individuals and businesses to settle cross-border transactions. Often times, it can be easier to deal with cryptocurrencies without authorization, as their use is not restricted as much by centralized platforms.
Although exchanges like PDAX are regulated to ensure consumer protection, they still present a better option than more traditional financial platforms which no longer offer competitive interest rates on deposits or other significant incentives to their clients. .