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.

Feb 10, 2022 at 12:19 p.m. UTC
Updated Feb 10, 2022 at 9:24 p.m. UTC

Eliza Gkritsi is CoinDesk's crypto mining reporter based in Asia.

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 is CoinDesk's crypto mining reporter based in Asia.

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Eliza Gkritsi is CoinDesk's crypto mining reporter based in Asia.

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