BitMEX Ventures reported that it has put funds in Philippine Digital Asset Exchange (PDAX). This investment will allow the cryptocurrency exchange to establish a marketplace for digital assets. It is intending to provide trading in real estate equities, debt securities, and tokenized commodities. The cryptocurrency exchange, which is licensed by Bangko Sentral ng Pilipinas, provides access to financial services that else won’t be available to people living in the Philippines.
The need for change
Nichel Gaba, who is the CEO and co-founder of PDAX, stated that a limited infrastructure in the nation has left customers struggling to access financial services and products. Through blockchain and digital assets, they intend to even the playing field to provide every resident in Philippine the ability to multiply their hard-earned wealth. The exchange is working closely with the watchdog to warrant the secure and safe selling and buying of cryptocurrencies as well as other digital assets at the optimum price on the market.
Arthur Hayes, the CEO, and co-founder of BitMEX expressed that his crypto exchange witnesses a notable trading volume from customers in the Philippines. They are confident in PDAX’s capability to grow cryptocurrency adoption in the nation while assisting the public to know more about digital assets.
In April, Bitspark reported plans to issue a cryptocurrency attached to the Philippine peso. The CEO and co-founder, George Harrap, stated that with the release of peg.PHP, they plan to enhance the money transfer ecosystem. Currently, there are over 180 official currencies, and blockchain technology can unleash currencies that were earlier gridlocked into illiquid or isolated markets.
As announced in March, six global banks including Banco Bradesco, Rizal Commercial Banking Corporation and Bank Busan finalized letters of intent to release their stablecoins supported by their country fiat currencies on IBM’s system.
Earlier in this year, the Philippines launched a new set of guidelines regulating Digital Asset Token Offerings. The new guidelines issued by the nation’s Cagayan Economic Zone Authority are designed to govern the cryptocurrency market and safeguard investors, impacting such matters as the acquisition of crypto-assets, including security and utility tokens.