# Philippine Digital Asset Exchange

Startup profile on Capital Atlas: https://capitalatlas.ai/startups/philippine-digital-asset-exchange

- Industry: Software
- Headquarters: Taguig City, Philippines
- Website: www.pdax.ph
- Total disclosed funding: $51M
- Latest round: Series B (Mar 11, 2022)
- Investors on record: 17

## About

Philippine Digital Asset Exchange, INC. is a cryptocurrency trading platform based in the Philippines, facilitating digital asset transactions with a focus on user-friendly experiences for both beginners and experienced investors.The company operates a cryptocurrency trading platform that allows users to trade various digital assets. Founded in 2017, Philippine Digital Asset Exchange, INC. is headquartered in Taguig City, Philippines. The firm was founded by Nichel Gaba, who also serves as CEO. In March 2022, the company raised USD 35 mn in a Series B funding round led by Tiger Global Management, with participation from other investors such as Belltower Fund Group and Jump Capital. This funding round brought the total amount raised to USD 35 mn and established a current company valuation of USD 345.07 mn.PDAX provides a comprehensive cryptocurrency trading platform that caters to a diverse range of investors. Their core offerings include a user-friendly interface for trading major cryptocurrencies like Bitcoin and Ethereum, along with access to stablecoins and altcoins. Additionally, PDAX allows users to invest in Tokenized Treasury Bonds (TTBs), facilitating low-risk investment opportunities. The platform emphasizes ease of use, enabling users to create accounts in just a few minutes and access their investments via mobile and web applications, thus empowering Filipinos to participate in the digital economy.In the most recent financial year of 2023, PDAX reported revenues amounting to USD 1,753,471.10. The company's revenue strategy primarily revolves around transaction fees associated with trades conducted on its platform. PDAX charges fees on each transaction, which constitutes a significant portion of its revenue. The platform's straightforward pricing model and various deposit and withdrawal options enhance user convenience, positioning PDAX to capitalize on the expanding market of both individual and institutional cryptocurrency investors.In March 2022, Philippine Digital Asset Exchange, INC. successfully raised USD 35 mn in Series B funding, which will be utilized to develop plug-and-play solutions for metaverse applications, fintech, and digital banking apps. The company aims to introduce new products in the upcoming years while exploring potential expansions into new markets within Asia. These initiatives are expected to enhance its service offerings and capture a broader customer base as it aligns with emerging trends in technology and finance.

## Funding rounds

- Series B, Mar 11, 2022, $35M — Tiger Global Management, DFJ DragonFund China, Jump Capital, DG Daiwa Ventures, CMT Digital, Belltower Fund Group, Cadenza Capital Management
- Series B, Aug 17, 2021, $13M — Ripple Labs Inc., Jump Capital, BEENEXT, Kingsway Capital, CMT Digital, Cadenza Capital Management, OSL Digital Securities Limited, UBX Philippines, Ratio Ventures, Oak Drive Ventures
- Series A, Apr 8, 2020, $4M — Ripple Labs Inc., BEENEXT, ConsenSys Ventures, CMT Digital, Bitmex Ventures, Cadenza Capital Management, UBX Philippines, Oak Drive Ventures, Shuttle Holdings Corp

## Investors

- Ripple Labs Inc. — Series A, Series B
- BEENEXT (https://capitalatlas.ai/funds/beenext) — Series A, Series B
- ConsenSys Ventures (https://capitalatlas.ai/funds/consensys-ventures) — Series A
- CMT Digital (https://capitalatlas.ai/funds/cmt-digital) — Series A, Series B
- Bitmex Ventures (https://capitalatlas.ai/funds/bitmex-ventures) — Series A
- Cadenza Capital Management (https://capitalatlas.ai/funds/cadenza-capital-management) — Series A, Series B
- UBX Philippines (https://capitalatlas.ai/funds/ubx-philippines) — Series A, Series B
- Oak Drive Ventures (https://capitalatlas.ai/funds/oak-drive-ventures) — Series A, Series B
- Shuttle Holdings Corp — Series A
- Jump Capital (https://capitalatlas.ai/funds/jump-capital) — Series B
- Kingsway Capital (https://capitalatlas.ai/funds/kingsway-capital) — Series B
- OSL Digital Securities Limited — Series B
- Ratio Ventures (https://capitalatlas.ai/funds/ratio-ventures) — Series B
- Tiger Global Management (https://capitalatlas.ai/funds/tiger-global-management) — Series B
- DFJ DragonFund China (https://capitalatlas.ai/funds/dfj-dragonfund-china) — Series B
- DG Daiwa Ventures (https://capitalatlas.ai/funds/dg-daiwa-ventures) — Series B
- Belltower Fund Group — Series B