Philippine Digital Asset Exchange (PDAX) Raises Over $50M in Series Funding Round C. It was led by the American investment company Tiger Global Management.
[BREAKING NEWS] @pdaxph announces $50M fundraise led by @Tiger_Global w/ @kingswaycapital @jumpcapital @DraperDragon @Ripple & @UBXph , among othershttps://t.co/qmnncdQI2h
Nichel 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
Participants include Kingsway Capital, Jump Capital, Draper Dragon, Oak Drive Ventures, DG Daiwa Ventures, Ripple, and UBX Ventures, the venture arm of UnionBank. The platform was also supported by Beenext Ventures and Cadenza Capital Management, which led the seed and Series A rounds.
According to Nichel Gaba, PDAX CEO, the exchange will use the funds raised to meet growing demand in the NFT and Play-To-Earn segments.
According to local publication BitPinas, Filipinos make up half of the more than 2.1 million gamers on the Axie Infinity platform using this concept.
[News] @pdaxph announced that it is launching $AXS and $SLP trading sometime in the next 2 weeks. @nixeniego confirms on Twitter that it supports the @Ronin_Network 🤯 https://t.co/jyuue257WJ pic.twitter.com/4mG4nuQuFU
— BitPinas (@bitpinas) February 9, 2022
Recall that earlier, amid the popularity of Axie Infinity in the country, the Philippine authorities thought about taxing transactions with SLP.
