Philippine company PDAX received $50 million to expand in the metaverse

The funding round was led by Tiger Global

11.02.2022 - 13:35

689

2 min

What’s new? PDAX, a Philippine digital asset exchange, has announced the completion of a $50 million Series B funding round. The platform will distribute the funds raised between its NFT and Play-to-Earn segments. PDAX has raised $12,5 million since August 2021.

[BREAKING NEWS] @pdaxph announces $50M fundraise led by @Tiger_Global w/ @kingswaycapital @jumpcapital @DraperDragon @Ripple & @UBXph , among othershttps://t.co/qmnncdQI2hNichel Gaba said the fresh funding will allow PDAX to cater to the growing NFT & play-to-earn market in🇵🇭 pic.twitter.com/NnqR8V2hm7— BitPinas (@bitpinas) February 10, 2022

What does the exchange’s representative say? PDAX chief operating officer Kyle T. Kua explained the widespread adoption of cryptocurrencies in the country to the “Filipinos’ innate digital savvy” as well as the development of the Play-to-Earn (P2E) sector, games where one can earn through their gamer skills. There are several solutions for withdrawing funds from the metaverse. PDAX stated that it wants to simplify the process for Filipinos. Nichel Gaba, the platform’s CEO commented on the situation:

“We are aware of the many challenges they face right now, and we want to fill in the gap to provide the best solutions for converting metaverse digital assets like SLP to PHP.”

Who was involved? . Beenext Ventures and Cadenza Capital Management also took part. Several other financial institutions have joined the project as co-investors. These include Kingsway Capital, Jump Capital, Draper Dragon, Oak Drive Ventures, DG Daiwa Ventures, Ripple, and UBX Ventures.

Author: