BitMEX Ventures Announces Investment in Crypto Exchange Licensed by the Central Bank of the Philippines

Asia Blockchain Review
June 20, 2019

BitMEX Ventures, the investment arm of Seychelles-based HDR Global Trading, recently announced its investment in a crypto exchange licensed by the Central Bank of the Philippines (BSP).

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.

Evening the Field Using Digital Assets and Blockchain

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.

Increasing Cryptocurrency Adoption in the Philippines

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 to allow users to conduct cross-border money transfers and receive funds directly to their e-wallets.


About Asia Blockchain Review

Asia Blockchain Review is the largest initiative for media and community building in Asia for blockchain technology. It aims to connect all blockchain enthusiasts on a regional scale and facilitate the technological foundation of blockchain through a range of group discussions, technical workshops, conferences, and consulting programs.

Our goal is to cultivate and encourage a collaborative community for our members to gather, share their experiences and endeavors in the blockchain space, and brainstorm the potential uses of blockchain technology.

Follow Asia Blockchain Review on:

Related Article
South Korean Mobile Service Provider Unveils Blockchain OS
Union Mobile, a major mobile service provider in South Korea, has recently unveiled its blockchain o...

September 22, 2019

UK, US Top List of Most Crypto Exchanges by Country followed by Hong Kong and Singapore
Blockchain analytics platform Crystal has revealed a breakdown of the countries with the most regist...

September 22, 2019

Thai Oil Major PTT to Create Renewable Energy Blockchain Platform
Thai energy giant PTT has partnered with Energy Web Foundation to launch a blockchain-based platform...

September 22, 2019

Five Privacy Coins to be Delisted at OKEx South Korea
The South Korean branch of OKEx has announced it will be delisting privacy coins including Dash and ...

September 21, 2019

We provide information about Asia Blockchain Review latest activities as well as global blockchain news and research. Subscribe to our Newsletter now or Contact us