{"id":57506,"date":"2022-02-10T13:44:33","date_gmt":"2022-02-10T11:44:33","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=57506"},"modified":"2025-09-04T12:05:33","modified_gmt":"2025-09-04T09:05:33","slug":"tiger-global-and-ripple-back-philippine-pdax-in-50-million-funding-round","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/tiger-global-and-ripple-back-philippine-pdax-in-50-million-funding-round\/","title":{"rendered":"Tiger Global and Ripple back Philippine PDAX in $50 million funding round"},"content":{"rendered":"<p>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.<\/p>\n<blockquote class=\"twitter-tweet\" data-lang=\"en\">\n<p lang=\"en\" dir=\"ltr\">[BREAKING NEWS] <a href=\"https:\/\/twitter.com\/pdaxph?ref_src=twsrc%5Etfw\">@pdaxph<\/a> announces $50M fundraise led by <a href=\"https:\/\/twitter.com\/Tiger_Global?ref_src=twsrc%5Etfw\">@Tiger_Global<\/a> w\/ <a href=\"https:\/\/twitter.com\/kingswaycapital?ref_src=twsrc%5Etfw\">@kingswaycapital<\/a> <a href=\"https:\/\/twitter.com\/jumpcapital?ref_src=twsrc%5Etfw\">@jumpcapital<\/a> <a href=\"https:\/\/twitter.com\/DraperDragon?ref_src=twsrc%5Etfw\">@DraperDragon<\/a> <a href=\"https:\/\/twitter.com\/Ripple?ref_src=twsrc%5Etfw\">@Ripple<\/a> &amp; <a href=\"https:\/\/twitter.com\/UBXph?ref_src=twsrc%5Etfw\">@UBXph<\/a> , among others<a href=\"https:\/\/t.co\/qmnncdQI2h\">https:\/\/t.co\/qmnncdQI2h<\/a><\/p>\n<p>Nichel Gaba said the fresh funding will allow PDAX to cater to the growing NFT &amp; play-to-earn market in\ud83c\uddf5\ud83c\udded <a href=\"https:\/\/t.co\/NnqR8V2hm7\">pic.twitter.com\/NnqR8V2hm7<\/a><\/p>\n<p>\u2014 BitPinas (@bitpinas) <a href=\"https:\/\/twitter.com\/bitpinas\/status\/1491661318725648386?ref_src=twsrc%5Etfw\">February 10, 2022<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Participants included: Kingsway Capital, Jump Capital, Draper Dragon, Oak Drive Ventures, DG Daiwa Ventures, Ripple and UBX Ventures\u2014the venture arm of <a href=\"https:\/\/forklog.com\/en\/news\/philippines-largest-bank-to-offer-crypto-trading-and-custody\">UnionBank<\/a>. Beenext Ventures and Cadenza Capital Management, which led the seed and Series A rounds, also backed the platform.<\/p>\n<p>According to PDAX CEO Nichel Gaba, the funds will be used to meet growing demand in the NFT and <span data-descr=\"play and earn\" class=\"old_tooltip\">Play-To-Earn<\/span> segments.<\/p>\n<p>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.<\/p>\n<p>There are several P2P solutions for cashing out earnings in metaverses, but PDAX aims to fill this gap for residents, the company said.<\/p>\n<p>The exchange also announced support for the Ronin sidechain, on which the Axie Infinity ecosystem is deployed, and trading of AXS and SLP tokens.<\/p>\n<blockquote class=\"twitter-tweet\" data-lang=\"en\">\n<p lang=\"en\" dir=\"ltr\">[News] <a href=\"https:\/\/twitter.com\/pdaxph?ref_src=twsrc%5Etfw\">@pdaxph<\/a> announced that it is launching <a href=\"https:\/\/twitter.com\/search?q=%24AXS&#038;src=ctag&#038;ref_src=twsrc%5Etfw\">$AXS<\/a> and <a href=\"https:\/\/twitter.com\/search?q=%24SLP&#038;src=ctag&#038;ref_src=twsrc%5Etfw\">$SLP<\/a> trading sometime in the next 2 weeks. <a href=\"https:\/\/twitter.com\/nixeniego?ref_src=twsrc%5Etfw\">@nixeniego<\/a> confirms on Twitter that it supports the <a href=\"https:\/\/twitter.com\/Ronin_Network?ref_src=twsrc%5Etfw\">@Ronin_Network<\/a> \ud83e\udd2f <a href=\"https:\/\/t.co\/jyuue257WJ\">https:\/\/t.co\/jyuue257WJ<\/a> <a href=\"https:\/\/t.co\/4mG4nuQuFU\">pic.twitter.com\/4mG4nuQuFU<\/a><\/p>\n<p>\u2014 BitPinas (@bitpinas) <a href=\"https:\/\/twitter.com\/bitpinas\/status\/1491260772793860104?ref_src=twsrc%5Etfw\">February 9, 2022<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Earlier, amid Axie Infinity&#8217;s popularity in the country, Philippine authorities considered taxing SLP transactions.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>PDAX raised more than $50 million in a Series B funding round led by the American investment firm Tiger Global Management.<\/p>\n","protected":false},"author":1,"featured_media":57507,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1166,435,2234,1133],"class_list":["post-57506","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-centralized-exchanges-cex","tag-philippines","tag-tiger-global","tag-venture-investments"],"aioseo_notices":[],"amp_enabled":true,"views":"19","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/57506","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=57506"}],"version-history":[{"count":1,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/57506\/revisions"}],"predecessor-version":[{"id":57508,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/57506\/revisions\/57508"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/57507"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=57506"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=57506"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=57506"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}