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BitMEX funds Philippines-based crypto-exchange PDAX, aims to harness ‘transformative potential of cryptocurrencies’




BitMEX pours undisclosed amount of funds to Philippines-based crypto exchange
Source: Pixabay

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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Chayanika holds a Journalism degree and is currently working with AMBCrypto. She is inquisitive about everything that the Blockchain Technology has to offer.