The Philippines continues to solidify its position in the rapidly evolving digital asset landscape, with local cryptocurrency exchange PDAX securing over $50 million in a new funding round led by global investment giant Tiger Global Management. This significant capital infusion underscores growing confidence in the country’s blockchain ecosystem and highlights the expanding role of regulated digital asset platforms in Southeast Asia.
As one of the most active crypto markets in the region, the Philippines ranked third in digital asset adoption across Southeast Asia in the previous year, according to blockchain analytics firm Chainalysis. With rising interest in decentralized finance (DeFi), blockchain gaming, and metaverse applications, PDAX aims to become a central gateway for Filipinos seeking secure and compliant access to virtual assets.
Expanding Access to Digital Assets
Founded in 2018 by former investment banker Nichel Gaba, PDAX (Philippine Digital Asset Exchange) has emerged as a key player in the nation’s financial technology revolution. Gaba, who previously worked at institutions like HSBC, envisioned a platform that would democratize investing through blockchain technology.
“Today, PDAX facilitates the exchange between cryptocurrency and fiat currency and supports entry into Metaverse applications,” said Nichel Gaba, founder and CEO of PDAX. “We are in the middle of our evolution, which will continue to enable safer, easier, and more efficient access to digital assets for everyone.”
PDAX is licensed by the Bangko Sentral ng Pilipinas (BSP), making it one of only 18 authorized Virtual Asset Service Providers (VASPs) in the country as of December. This regulatory compliance strengthens user trust and positions PDAX at the forefront of institutional-grade crypto infrastructure in the Philippines.
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Strategic Investors Fuel Growth
The latest funding round wasn’t just about capital—it was a vote of confidence from some of the most influential names in fintech and blockchain innovation. In addition to Tiger Global, which also led a $12.5 million round for PDAX in August of the prior year, the financing included participation from:
- UBX, the venture arm of UnionBank of the Philippines and backed by the prominent Aboitiz family
- Kingsway Capital
- Jump Capital
- Ripple, the U.S.-based blockchain payments company
- DG Daiwa Ventures, a joint venture between Japan’s Daiwa Securities Group and Digital Garage
- BC Group, parent company of OSL, Hong Kong’s first licensed digital asset platform
This diverse investor base reflects both regional and global interest in the Philippine market’s potential. The involvement of financial institutions like UnionBank through UBX signals an increasing convergence between traditional banking and blockchain-based services.
Partnerships Driving Innovation
Beyond funding, PDAX has been actively forging strategic alliances to expand its product offerings. The exchange has partnered with:
- BitMEX Ventures, the investment arm of the well-known derivatives exchange
- ConsenSys, the blockchain software company behind MetaMask, one of the world’s most widely used cryptocurrency wallets
These collaborations aim to bring advanced DeFi tools, wallet integration, and educational resources to Filipino users. Additionally, PDAX teamed up with UnionBank and the Department of Finance to launch a blockchain-based app that allows retail investors to participate in government treasury bond programs—bridging traditional finance with next-generation technology.
Such initiatives align with national goals to increase financial inclusion, especially among unbanked and underbanked populations. By leveraging blockchain’s transparency and efficiency, PDAX is helping reshape how Filipinos interact with both public and private financial systems.
Blockchain Gaming and Economic Opportunity
One of the unique drivers of crypto adoption in the Philippines has been the rise of play-to-earn (P2E) blockchain games. During the pandemic, many Filipinos turned to games like Axie Infinity to earn income through cryptocurrency rewards—a trend that highlighted both the economic potential and vulnerabilities of decentralized earning models.
While P2E dynamics have evolved, they played a crucial role in introducing millions to digital wallets, NFTs, and crypto transactions. PDAX benefits from this growing base of crypto-native users who are now seeking more sophisticated investment options beyond gaming.
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Core Keywords Integration
Throughout this growth phase, key themes continue to emerge:
- Philippines crypto adoption remains strong despite market volatility
- Regulated crypto exchanges like PDAX are gaining traction due to consumer demand for security
- Digital asset investment is becoming more accessible through partnerships with banks and government entities
- Blockchain innovation is being driven by both local entrepreneurs and global investors
- Financial inclusion is a central outcome of expanded crypto infrastructure
These keywords naturally reflect search intent around crypto regulation, investment opportunities, and fintech development in emerging markets.
Frequently Asked Questions
Q: Is PDAX a regulated cryptocurrency exchange?
A: Yes, PDAX is one of 18 Virtual Asset Service Providers (VASPs) licensed by the Bangko Sentral ng Pilipinas (BSP), ensuring compliance with anti-money laundering (AML) and consumer protection standards.
Q: Who led PDAX’s latest funding round?
A: The $50 million funding round was led by Tiger Global Management, with participation from UBX, Jump Capital, Ripple, Kingsway Capital, DG Daiwa Ventures, and others.
Q: Can Filipinos invest in government bonds through blockchain?
A: Yes—PDAX collaborated with UnionBank and the Department of Finance to launch a blockchain-based application enabling retail investment in Philippine retail treasury bonds.
Q: What role does ConsenSys play in PDAX’s ecosystem?
A: ConsenSys, known for developing MetaMask, has partnered with PDAX to enhance wallet integration and support broader DeFi access for Filipino users.
Q: How has blockchain gaming influenced crypto adoption in the Philippines?
A: Play-to-earn games like Axie Infinity introduced many Filipinos to cryptocurrency during the pandemic, serving as a gateway to digital wallets, NFTs, and decentralized finance platforms.
Q: What are PDAX’s future goals?
A: PDAX aims to expand access to digital assets by integrating more financial products, improving user education, and deepening partnerships across traditional finance and Web3 sectors.
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Looking Ahead
With strong backing from global investors, strategic partnerships, and a clear mission to promote financial inclusion, PDAX is well-positioned to lead the next phase of digital asset growth in the Philippines. As adoption continues to rise across Southeast Asia, platforms that combine regulatory compliance with user-centric innovation will play a pivotal role in shaping the region’s financial future.
The convergence of banking, government services, and blockchain technology signals a transformative shift—one where digital assets are no longer niche but integral to everyday economic participation.