Philippine crypto exchange platform PDAX raises $50m in Tiger Global-led funding

PDAX founder and CEO Nichel Gaba

Philippine-based crypto exchange platform PDAX announced raising more than $50 million in its Series B funding round led by US investment firm Tiger Global.

Joining Tiger Global are Kingsway Capital, Jump Capital, Draper Dragon, Oak Drive Ventures, DG Daiwa Ventures, Ripple, and UBX Ventures.

Also taking part are early investors Beenext Ventures and Cadenza Capital Management, who led PDAX’s Seed and Series A rounds, respectively, and have continued to support the company.

PDAX was founded in 2018 by chief executive officer Nichel Gaba, who believed that cryptocurrencies and blockchain technology would not only disrupt the financial services industry but also revolutionize the
way people live.

“Crypto is the most transformative technology we’ve seen since the internet. The Philippines is already seeing applications in play-to-earn games, NFT projects, cross-border remittance, trading, and investment,” Gaba said.

He explained that this round of funding will go towards building safe and accessible infrastructure for the digital asset economy and emphasized the importance of responsible innovation.

PDAX is making crypto more accessible to millions of people in the Philippines. We are excited to back Nichel and the team as they continue to expand the platform and deliver a top-tier customer experience,” said Alex Cook, Partner, Tiger Global.

PDAX is a BSP-licensed virtual asset service provider, operating a digital asset exchange platform, available on the web and in both iOS and Android.

In 2020, PDAX, in partnership with the Bureau of the Treasury and Unionbank, launched, the world’s first blockchain-enabled app that allows retail investors to invest in retail treasury bonds right from their mobile devices.