The Philippine Digital Asset Exchange (PDAX) has raised US$50 million in a Series B funding round led by Tiger Global.
- UBX, the venture fund of UnionBank of the Philippines, Kingsway Capital, Jump Capital, U.S. blockchain payments company Ripple, among others, also participated in the round.
- The funding round started in August last year when Tiger Global led another US$12.5 million round in PDAX.
- PDAX was established in 2018 and is one of the 18 central bank-licensed crypto service providers in the country.
- PDAX said it will utilize the funds to build infrastructure to increase efficiency of the local digital asset economy.
- The Philippines ranked third in Southeast Asia in Chainalysis’ Crypto Adoption Index 2021 and is home to the largest number of Axie Infinity players, some of whom earn their living from the game.