Crypto trading platform Philippine Digital Asset Exchange bags $12.5m

Philippine Digital Asset Exchange (PDAX), which enables consumers to buy and sell cryptocurrencies, has reportedly netted $12.5m in its latest funding round.

The investment was led by an unnamed UK-based venture capital firm, according to a report from TechInAsia. Other investors to join the round were BC Group and Union Bank’s venture division UBX, as well as previous PDAX backers Beenext Ventures, CMT Digital and Ripple Labs.

Founded in 2018, the company provides consumers in the Philippines with access to buy and sell a range of digital assets with the lowest fees. Wallets are audited and protected by insurance, it claims.

The company’s founder, Nichel Gaba told TechInAsia PDAX has helped make remittances cheaper by empowering remittance companies to leverage cryptocurrencies.

Additioanlly, PDAX claims its user count has increased by 25-times, and its monthly transaction volume has shot up by 80-times since March 2020, it said.

Earlier in the year, Philippines-based Uploan raised $15m in a debt funding round from Lendable. The FinTech company hopes to improve financial inclusivity by helping employees access loans and salary advances from their employers.

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