PDAX Secures $50M in Funding For Metaverse Expansion

The Philippine Digital Asset Exchange completed a $50 million Series B investment round led by Tiger Global on Thursday. Investors from previous stages, such as Beenext Ventures and Cadenza Capital Management, were present at this round. Several additional financial institutions have also joined this project as co-investors. Kingsway Capital, Jump Capital, Draper Dragon, Oak Drive Ventures, DG Daiwa Ventures, Ripple, and UBX Ventures are among the firms involved. PDAX has raised $12.5 million in Series B funding since August 2021. In an interview, PDAX chief operating officer Kyle T. Kua attributed the country’s widespread crypto adoption to the Filipinos’ inherent digital acumen, as well as the growth of the Play-to-Earn (P2E) industry over the past decade. Kua said: “Many Filipinos took time to start studying cryptocurrencies and delving into the market, whether by trading, investing, or playing.” Given the sociable nature of Filipinos, interest in generating crypto wallets and playing these games has exploded across the country, in both urban and rural areas. This popularity can be ascribed to the widespread availability of smartphones and other mobile devices. Several P2E games’ daily revenues have exceeded the daily minimum wage. On February 3, PDAX, which has witnessed a 35-fold surge in customer sign-ups since the lockdowns began, added five more cryptocurrencies to its portfolio.The post PDAX Secures $50M in Funding Fo...