BSP-regulated cryptocurrency exchange PDAX (Philippine Digital Asset Exchange) recently raised $12.5 million in funding during the latest funding round to fuel its short-term and long-term growth plans for expansion and the roll-out of more digital financial services and products.
Since its platform launch in 2018, PDAX has been providing its user base with a way to trade digital assets like Bitcoin, directly with Philippine peso. During the Covid-19 pandemic, the company has experienced a 2,500% growth in user account openings, and 8000% rise in monthly volumes – numbers that the company interprets as proof for the uptrend in cryptocurrency adoption.
“We are in a golden age of cryptocurrency adoption and technology-driven transformation in the Philippines. We are already making remittances into the country much cheaper by helping remittance companies utilize cryptocurrencies, and providing them with a deep and liquid market to convert crypto into Philippine pesos,” explained Nichel Gaba, founder and CEO of PDAX.
Gaba added that the need for more inclusive financial services in the Philippines is at an all-time high, even though old problems like lack of ease and security remain persistent. With greater adoption of cryptocurrencies and blockchain technology, he believes that the PDAX platform will be able to accomplish just that.
Now complemented with a dedicated mobile app for more convenient cryptocurrency trades, PDAX has since expanded to offering tokenized securities as a joint effort with the Bureau of Treasury and UnionBank via Bonds.PH. This blockchain-powered app enables investors to invest in retail treasury bonds with just a few taps.
By the end of the year, PDAX plans to support more digital assets, as well as implement more features to its platform. With the Bonds.PH collaboration, the company is also looking into introducing investment options and functionalities particularly for overseas Filipino workers.
