BitMEX Ventures has infused an undisclosed amount of funds into the cryptocurrency exchange platform, Philippines Digital Asset Exchange [PDAX]. The BSP regulated exchange, PDAX, had recently secured an undisclosed amount of capital from ConsenSys Ventures, the venture capital arm of US-based blockchain firm, ConsenSys.
Following the announcement, Arthur Hayes, the Co-Founder and CEO of the Seychelles-based Bitcoin trading platform, stated,
“Welcome @PDAXph to the BitMEX sphere of influence.”
The capital secured will be used by the platform for diversifying its service portfolios. According to reports, PDAX is set to allow the trading of commodities, real estate equities, and debt securities in token form.
The CEO was quoted saying,
“We are confident in the transformative potential of cryptocurrency and PDAX’s ability to widen access to the Philippines market and provide the tools to learn more about financial markets.”
For the purpose of addressing the inefficiencies in the traditional banking establishment, the local centralized trading platform was previously reported to be involved in creating solutions to enable lower costs and facilitating faster processing for remittances and other P2P payments.
Conceived in 2017, PDAX enables trading of Philippine Peso with digital currencies and tokens, including Bitcoin [BTC], Ethereum [ETH, Ripple [XRP], Litecoin [LTC], among others. The platform also works closely with local watchdogs to ensure a secure channel for virtual trading.
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Bitcoin is an enterprise; its users are comparable to traditional shareholders, claims Goldmoney Founder
Bitcoin was conceived in the backdrop of banks bailouts and the 2008 financial crisis. The recession and the loss of faith in banking, financial institutions gave Bitcoin a platform to rescue the ones affected, giving them hope for a better financial system without the hassle of corrupt institutions. With the rise of Bitcoin’s fame, both in the darknet and in the mainstream, questions about its regulations had to arise.
The question was put to rest when the SEC/CFTC ruled Bitcoin as a commodity and taxed it. However, Goldmoney’s Roy Sebag brought this discussion up again recently in his tweet thread, where he said that Bitcoin as an enterprise is working towards its good, comparing its users to traditional “shareholders” among other things, while concluding that Bitcoin is a security. He tweeted,
“Is Bitcoin a security? <10 years old so regulators haven’t even had enough time to truly learn how it works (think Napster or Kazaa in early days). Miners are clearly issuing coins and responsible for governance, an absence of formal relations among them is irrelevant….”
In successive tweets, Sebag attributed miners with the role of “stewarding” the so-called enterprise. In return, these miners get paid in “direct fees” or in “share appreciation.” In Bitcoin’s case, it is the mining reward, which is “BTC”. Similarly, buyers are compared to “shareholders” with a common interest in the enterprise, i.e. profit. Sebag added,
“Coins trade at exchanges. The common enterprise is designed for the price appreciation of coin.”
Bitcoin could face a shutdown by the government, just like it did with big players in file sharing, said Sebag, who added that Bitcoin could also be interpreted as a security under the “34 act of the SEC.” The Goldmoney Founder concluded that “this realization rests on the belief that neither Bitcoin nor any common enterprise is truly decentralized.”
However, his inputs weren’t very well-received by many in the crypto-community. Casa’s CTO Jameson Lopp refuted Roy Sebag’s ideas, tweeting,
“Roy will believe what he wants to believe, though if he’s not actually participating in Bitcoin then his beliefs are irrelevant to its consensus formation.”
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