Philippines Digital Asset Exchange (PDAX) Receives Financial Support from BitMEX and ConsenSys
- PDAX received funding from BitMEX and ConsenSys Ventures.
- The platform plans to create a marketplace for digital assets with the new capital.
New cryptocurrency platforms are arising around the world all of the time as regulations in different countries evolve. The Philippines Digital Asset Exchange (PDAX) has been working to improve its platform lately, becoming the recipient of contributions from multiple firms, including BitMEX Ventures and ConsenSys Ventures. However, the capital that PDAX received from each of these entities has yet to be disclosed.
After the announcement of BitMEX’s infusion of funds, co-founder and CEO Arthur Hayes posted to Twitter to welcome the Philippines-based platform to the “sphere of influence.”
— Arthur Hayes (@CryptoHayes) June 3, 2019
According to The Block, co-founder and CEO of PDAX, Nichel Gaba, said,
“Through digital assets and blockchain, we want to even the playing field to give every Filipino from all walks of life the ability to grow their hard-earned wealth. With the support of BitMEX and by leveraging blockchain technology, we hope to create a digital financial market that is accessible to everyone.”
With the investments, PDAX aims to offer a marketplace with digital assets, dealing in tokenized commodities, real estate equities, and debt securities. The company is also working to create solutions that will lower the cost and increase the speed of payment remittances, amongst other P2P payments.
PDAX was originally created in 2017, providing trading services involved the Philippine Peso and cryptocurrencies. Presently, the platform allows users to interact with Bitcoin, Ethereum, Ripple, Litecoin, and others. To ensure that investors are as protected as possible, the platform involves itself directly with the local financial watchdogs.