In a news release shared with Cointelegraph, BitMEX noted that the financial backing will help the Philippine Digital Asset Exchange (PDAX) develop a marketplace for digital assets beyond cryptocurrencies. These assets include tokenized commodities, real estate equities, and debt securities.
Nichel Gaba, co-founder and CEO of PDAX, said limited infrastructure in the country had left consumers struggling to gain access to financial products and services. He also said PDAX wanted to even the playing field via digital assets and blockchain, so as to “give every Filipino from all walks of life the ability to grow their hard-earned wealth.”
PDAX has stated that it is working closely with regulators to ensure that cryptocurrencies and other digital assets are purchased and sold safely and securely at the best prices on the market.
Arthur Hayes, co-founder and CEO of BitMEX, said his crypto exchange expects a sizable amount of trading volume from Philippine consumers. He added that he was confident in the ability of PDAX to increase cryptocurrency adoption in the country while assisting the public in learning more about digital assets.
In April, payment services company Bitspark announced it had plans to release a cryptocurrency pegged to the Philippine peso.
Earlier this year, Western Union collaborated with the Philippines-based Coins.ph to allow users to conduct cross-border money transfers and receive funds directly to their e-wallets.
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