Philippine digital Asset Exchange raises over $50,000,000 for future projects

Local crypto exchange, Philippine Digital Asset Exchange (PDAX), has announced that it has raised over $50 million to “build regulated plug-and-play solutions for metaverse applications, fintech, and digital banking apps.”

The exchange previously raised $12.5 million last August 202. In an interview with BusinessWorld PDAX COO, Kyle T. Kua attributed the country’s mass adoption of crypto to the natural tech-smarts of citizens. He also added that Filipino’s took kindly to the rise of Play-to-Earn games during the pandemic.

Philippine Digital Asset Exchange (PDAX), a local cryptocurrency exchange, announced on Feb. 10 that it raised more than $50 million to “build regulated plug-and-play solutions for metaverse applications, fintech, and digital banking apps.”

“A lot of Filipinos took time … to start learning about cryptocurrencies and venturing into the space, be it by trading, investing, or playing,” he said, adding that the daily profits of some P2E games were higher than minimum wage. “Knowing how social Filipinos can be, the interest to create crypto wallets and start playing these games shot up across the Philippines — not just in Metro Manila, but in the provinces as well.”

PDAX recently reached a 35-fold growth in user sign-ups since the pandemic started. Additionally, the company has added five new coins to its listed cryptocurrencies on Feb 3.

“These five new tokens are some of the most requested in our community,” said Nix T. Eniego, assistant vice president for marketing of PDAX, referring to Polygon (MATIC), Cardano (ADA), Dogecoin (DOGE), Polkadot (DOT), and Avalanche (AVAX).

Source: BusinessWorld