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.

AccessTimeIconFeb 10, 2022 at 12:19 p.m. UTC
Updated May 11, 2023 at 7:18 p.m. UTC

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.


Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

CoinDesk - Unknown

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

Learn more about Consensus 2024, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to to register and buy your pass now.