BitMEX Ventures, the investment arm of Seychelles-based HDR Global Trading, poured an undisclosed amount of funding into cryptocurrency exchange Philippine Digital Asset Exchange (PDAX), according to a statement.
Photo credit: Marta Branco
The investment can help PDAX expand the service capabilities of its platform by supporting a number of digital assets apart from cryptocurrency. It plans to enable the trading of commodities, real estate equities, and debt securities in token form.
The exchange, which is licensed by the Bangko Sentral ng Pilipinas, is an order-book exchange focused on the Philippine market. Other crypto exchanges operating in the country include Coins.ph, Remittance Inc., and Virtual Currency Philippines Inc.
BitMEX co-founder and CEO Arthur Hayes said the company sees a substantial amount of trading volume from Filipino users. “We are confident in the transformative potential of cryptocurrency and PDAX’s ability to widen access to the Philippines market and provide the tools to learn more about financial markets,” Hayes said.
Editing by Dante Gagelonia
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