As momentum for investing in digital assets and cryptocurrencies rises, fintech startup Philippine Digital Asset Exchange (PDAX) will launch an enterprise-grade trading platform to the general public in Q3.
PDAX is the first digital asset exchange that has chosen to focus operations fully in the Philippines. Venture-backed by investors from Singapore, Korea, the US and the Philippines, the company strives to revolutionize this exciting space.
The company aims to ease the hefty price markups and high trading fees associated with investing in cryptocurrencies in the Philippines today by bringing efficiency to the market. PDAX’s user-friendly platform enables its users to exchange peso directly with multiple cryptocurrencies and leverages the same order-matching technology used by stock exchanges like the NYSE and PSE to match buyers and sellers at the lowest available prices on the market.
Inspired by the largely untapped potential of the blockchain technology underlying cryptocurrencies, the founders of PDAX are determined to facilitate financial inclusion across the Philippines. Not only can cryptocurrencies be used to significantly reduce the cost of inbound remittances for OFWs but the underlying blockchain technology can also radically improve the accessibility of financial services for all Filipinos.
“We believe the future of investing is digital,” said Nichel Gaba, Co-Founder and CEO of PDAX, “and no one should be left behind.”
PDAX is committed to fully complying with regulators. The Securities and Exchange Commission (SEC) in collaboration with the Bangko Sentral ng Pilipinas (BSP), is working on implementing policies and licenses specifically for order-book exchanges.
To ensure the highest standards of security, the company partnered with international security software companies to integrate innovative Anti-Money Laundering (AML) solutions – the same blockchain based systems engaged by international law enforcement agencies to ensure efficient identification of bad actors.
The company engages in dynamic conversations and seminars with diverse industry leaders, financial institutions, banks and societies. “Educating the market in a way that every Filipino can understand is imperative,” continued Gaba, “we share investment guidelines and knowledge to empower them with the essentials to start.”
To promote the accessibility of cryptocurrency, PDAX was founded on three core missions: regulatory transparency, tech-driven security, and dedicated consumer education about investing in this new asset class.