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.