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Philippines Crypto Exchange PDAX Raises $50M Series B Led by Tiger Global
The exchange wants to bring crypto to the Philippines, where P2E game Axie Infinity has flourished.
Crypto exchange Philippine Digital Asset Exchange, also known as PDAX, closed a $50 million Series B funding round led by private equity giant Tiger Global.
- The round started in August, when the company raised $12.5 million, according to a press release shared with CoinDesk.
- Founded in 2018, PDAX wants to make crypto accessible to the over 100 million residents of the Philippines.
- The funding will go "towards building safe and accessible infrastructure for the digital asset economy," CEO and founder Nichel Gaba said.
- Kingsway Capital, Jump Capital, Draper Dragon, Oak Drive Ventures, DG Daiwa Ventures, Ripple and UBX Ventures, also participated in the round.
- Returning investors Beenext Ventures and Cadenza Capital Management also participated in the Series B.
- Last year, the Southeast Asian country made headlines for its adoption of the play-to-earn (P2E) game Axie Infinity, which led to calls from the government to tax P2E games.
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Eliza Gkritsi
Eliza Gkritsi is a CoinDesk contributor focused on the intersection of crypto and AI, having previously covered mining for two years. She previously worked at TechNode in Shanghai and has graduated from the London School of Economics, Fudan University, and the University of York. She owns 25 WLD. She tweets as @egreechee.
