The funding comes as the cryptocurrency exchange looks to make virtual assets more accessible in the Philippines
has raised more than $50 million in a funding round led by U.S. investment firm Tiger Global Management as the cryptocurrency exchange looks to make virtual assets more accessible in the Southeast Asian country.
UBX, the venture fund of UnionBank of the Philippines, which counts one of the country’s richest clans, the, as its largest shareholder, has taken part in the financing round, PDAX said in a statement on Thursday. Other investors include Kingsway Capital, Jump Capital, U.S. blockchain payments firm Ripple and DG Daiwa Ventures, the investment company jointly established by Japan’s Daiwa Securities Group and Digital Garage, among others.
“Today, PDAX facilitates the exchange of crypto and fiat currencies, and enables payments in and out of metaverse applications,” Nichel Gaba, founder and CEO of PDAX, said in the statement. “We are in the middle of developments that will continue to make access to digital assets safer, easier and more efficient for everyone.”Tiger Global led another $12.5 million funding round in PDAX last August, according to the crypto company.
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