The Filipino crypto exchange PDAX has raised over $50 million that it plans to channel into creating a regulated plug-and-play solution for metaverse applications and more.
Tiger Global Leads PDAX Fund Raise
The Philippine Digital Asset Exchange (PDAX) recently conducted its Series B funding round, where a multitude of global investors and VC funds participated. The funding round was primarily led by the New York-based investment firm Tiger Global. Other noteworthy investors who contributed to the round include Kingsway Capital, Jump Capital, Draper Dragon, Oak Drive Ventures, DG Daiwa Ventures, Ripple, UBX Ventures, BEENEXT, and Cadenza Capital Management.
P2E Games Led To PDAX Growth
The exchange had previously raised around $12.5 million in August 2021. User sign-ups increased 35 times over the course of the lockdowns, and the exchange-listed five new cryptos on February 3.
The Chief Operating Officer of PDAX, Kyle T. Kua recently spoke to BusinessWorld about the country’s mass crypto adoption, as well as the enhanced tech knowledge and savvy of Filipinos. Plus, he also acknowledged that the rise of the Play-to-Earn (P2E) segment during the pandemic had played a decisive role in the rapid spread of cryptocurrency across the island nation.
“A lot of Filipinos took time … to start learning about cryptocurrencies and venturing into the space, be it by trading, investing, or playing. 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.”
The popularity of P2E games can be attributed to the easy availability of smartphones and other smart devices. Also, the daily revenues of some of these games exceeded the daily minimum wage in the Philippines, which proved to be a better incentive for many.
Speaking on the funds raised in the latest Series B round, PDAX CEO Nichel Gaba elaborated on future plans. He stated,
“This fundraise also helps us expand into new offerings that cater to the growing market of NFT enthusiasts and P2E gamers. We want to be able to provide a smooth and hassle-free crypto experience for guild managers and scholars. We are aware of the many challenges they face right now, and we want to fill in the gap to provide the best on-ramp and off-ramp solutions for converting metaverse digital assets like SLP to PHP.”