Philippine Digital Asset Exchange, a startup cryptocurrency trading platform, has managed to raise $12.5 million in funding for the improvement of its products and services.
According to PDAX CEO Nichel O. Gaba, a huge percent of the funding will be headed to Bonds.ph, specifically for the expansion of the site’s capabilities in the market for retail treasure bonds.
Launched by PDAX and Unionbank of the Philippines in July last year, Bonds.ph claims to be the easiest way to buy and sell government-issued bonds.
The $12.5 million funding comes from various investors worldwide, including existing investors such as Beenext Ventures, Ripple, and UBX, along with newcomers BC Group and a UK-based venture capital firm.
Gaba said another portion of the funding will be used to expand their workforce and to introduce their services abroad to overseas Filipino workers.
Currently, PDAX boasts 500,000 users, a majority of which participate in the company’s cryptocurrency exchange.