Tiger Global and Ripple back Philippine PDAX in $50 million funding round

The Philippine cryptocurrency exchange Philippine Digital Asset Exchange (PDAX) raised more than $50 million in a Series B funding round, led by the American investment firm 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 included: Kingsway Capital, Jump Capital, Draper Dragon, Oak Drive Ventures, DG Daiwa Ventures, Ripple and UBX Ventures—the venture arm of UnionBank. Beenext Ventures and Cadenza Capital Management, which led the seed and Series A rounds, also backed the platform.

According to PDAX CEO Nichel Gaba, the funds will be used to meet growing demand in the NFT and Play-To-Earn segments.

According to local outlet BitPinas, Filipinos account for half of the more than 2.1 million gamers on the Axie Infinity platform that uses this concept.

There are several P2P solutions for cashing out earnings in metaverses, but PDAX aims to fill this gap for residents, the company said.

The exchange also announced support for the Ronin sidechain, on which the Axie Infinity ecosystem is deployed, and trading of AXS and SLP tokens.

[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

Earlier, amid Axie Infinity’s popularity in the country, Philippine authorities considered taxing SLP transactions.