On Monday, it was announced that BitMEX Ventures, the investment arm of the BitMEX cryptocurrency exchange, had made an investment in the Philippine Digital Asset Exchange (PDAX). The terms of the investment received by the Philippine exchange service were not disclosed.
According to a statement released by BitMEX, the investment will help to strengthen the PDAX platform, making it more viable as well as opening the doors to other forms of digital assets, including the trading of commodities, real estate equities, and even debt securities.
In a statement released by PDAX, they explained: “Driven by our goal to improve financial inclusion, we are launching a platform for the open-market trading of cryptocurrencies and other digital assets.”
BitMEX CEO Arthur Hayes pointed out that there is a substantial volume of cryptocurrency traded in the Philippines, and an investment with PDAX helps to make both companies a whole lot more successful as well as opens markets to make these transactions for Filipinos much more efficient. He added:
“We are confident in the transformative potential of cryptocurrency and PDAX’s ability to widen access to the Philippine market and provide the tools to learn more about financial markets.”
Since opening its doors, PDAX has quickly become one of the leading exchange services for digital currency in the Philippines. In fact, in February, they began working with real estate agents and local homeowners to assist in the sale of properties using cryptocurrencies.
Since receiving a license from the Philippine central bank in September, the executives at PDAX have shown great foresight in providing a service that has become a lucrative one for the company. Because many Filipinos work in countries throughout Southeast Asia, they are looking for a company that allows them to easily transfer wages back to the Philippines to give to their families.
PDAX has given them this kind of opportunity, because of their ability to deal in exchange in both fiat and cryptocurrencies. Now with the help of BitMEX, there should be additional assets that customers can use and exchange, providing even greater flexibility. This is one of the primary reasons why executives at PDAX made this move, as they want to provide a greater opportunity for the citizens of the Philippines to gain assets.
“Through digital assets and blockchain, we want to even the playing field to give every Filipino from all walks of life the ability to grow their hard-earned wealth,” explained Nichel Gaba, co-founder, and CEO of the company. “With the support of BitMEX and by leveraging blockchain technology, we hope to create a digital financial market that is accessible to everyone.”
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