Homegrown cryptocurrency exchange Philippine Digital Asset Exchange (PDAX) received an undisclosed investment from Seychelles-based HDR Global Trading Ltd, which is seen to expand digital currency adoption in the country.
Nichel Gaba, co-founder and CEO of PDAX said the country has plenty of opportunities to develop mass adoption of cryptocurrency as the existing financial infrastructure has limited Filipinos’ access to financial products and services.
“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,” Gaba said. “With the support of BitMEX and by leveraging blockchain technology, we hope to create a digital financial market that is accessible to everyone.”
BitMEX’s investment will help strengthen PDAX’s exchange platform to create a marketplace not just for cryptocurrencies but all kinds of digital assets. Alongside regulatory developments, PDAX will enable the trading of commodities, real estate equities, and debt securities in token form.
Licensed by Bangko Sentral ng Pilipinas (BSP), the country’s central bank, PDAX continues to work closely with relevant regulators to ensure safe and secure buying and selling of cryptocurrencies and other digital assets at the best price on the market.
Meanwhile, BitMEX Co-founder and CEO Arthur Hayes said that BitMEX Ventures is committed to advancing financial inclusion and accessibility to trading cryptocurrencies.
According to Hayes, they see a substantial amount of trading volume from users in the Philippines and want to further empower traders with an affordable and seamless Bitcoin transfer platform without the previous charges that made financial transactions so cumbersome.
“We are confident in the transformative potential of cryptocurrency and PDAX’s ability to widen access to the Philippines market and provide the tools to learn more about financial markets,” Hayes said.