The Philippine Digital Asset Exchange (PDAX) has raised US$50 million in a Series B funding round led by Tiger Global. 

Fast facts

  • 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.