Crypto exchange in the Philippines raises $50 million in a Series B fundraising round

Tiger Global sponsored a $50 million Series B fundraising round for the Philippine Digital Asset Exchange (PDAX).

Tiger Global leads $50M round in Philippine crypto exchange
PDAX crypto exchange

The round also included UBX, UnionBank of the Philippines' venture fund, Kingsway Capital, Jump Capital, and Ripple, a U.S. blockchain payments business.

Tiger Global sponsored another US$12.5 million round in PDAX in August of last year, which kicked off the funding round.

PDAX crypto exchange was founded in 2018 and is one of the country's 18 central bank-licensed crypto service providers.

The cash will be used by PDAX to construct infrastructure to improve the efficiency of the local digital asset economy, according to the company.

In Chainalysis' Crypto Adoption Index 2021, the Philippines ranks third in Southeast Asia and is home to the most Axie Infinity players, some of whom make a career off the game.