BitMEX Ventures Invests In Philippines Central Bank-licensed Crypto Exchange PDAXbr>
Philippine Digital Asset Exchange (PDAX), a cryptocurrency exchange based in the Philippines, has received an undisclosed investment from BitMEX Ventures, the investment arm of Seychelles-based HDR Global Trading.
PDAX is a crypto trading platform designed specifically for the Philippines market. The platform was approved by the Bangko Sentral ng Pilipinas, the central bank of the Philippines, to operate as a virtual currency exchange, enabling users to buy and sell cryptocurrencies and other digital assets at market prices. PDAX claims to provide a fair, easy-to-use, and secure platform to invest in cryptocurrencies, such as bitcoin as well as other assets that were previously inaccessible to Filipinos.
As cryptocurrency adoption in the Philippines continue to rise, BitMEX Ventures’ investment will help PDAX accelerate its ambitions to offer a wider suite of digital asset trading, including commodities, real estate equities, and debt securities in token form. This will provide millions Filipinos with a more accessible and wealth generating digital financial market.
Nichel Gaba, co-founder and CEO of PDAX, explained that the current financial infrastructure in the Philippines has limited Filipinos’ access to financial products and services.
“Through digital assets and blockchain, we want to even the playing field to give every Filipino from all walks of life the ability to grow their hard-earned wealth,” Gaba said. “With the support of BitMEX and by leveraging blockchain technology, we hope to create a digital financial market that is accessible to everyone.”
BitMEX Ventures, which has made a number of investments since inception in 2018, is committed to advancing financial inclusion and accessibility to trading cryptocurrencies.
“We see a substantial amount of trading volume from users in the Philippines and want to further empower traders with an affordable and seamless bitcoin transfer platform without the previous charges that made financial transactions so cumbersome,” said BitMEX co-founder and CEO Arthur Hayes. “We are confident in the transformative potential of cryptocurrency and PDAX’s ability to widen access to the Philippines market and provide the tools to learn more about financial markets.”