Filipino cryptocurrency exchange PDAX launches 5 new coins

(Press Release)

The Philippine Digital Asset Exchange (PDAX), a Philippines-based cryptocurrency exchange licensed by the Bangko Sentral ng Pilipinas, has launched five new coins on its platform to meet demand from the local crypto community for more crypto options.

With the addition of Polygon (MATIC), Cardano (ADA), Dogecoin (DOGE), Polkadot (DOT), Avalanche (AVAX), PDAX’s number of listed cryptocurrencies now stands at 19. These five new coins will be available on the PDAX mobile app first, then released for desktop on a later date.

The launch of these new coins on the platform comes at a time when crypto trading and investing is rapidly growing in the Philippines, with the economic effects of the Covid-19 pandemic pushing more and more Filipinos to look for other means to build their wealth. Over the past year, cryptocurrencies proved useful mainly in remittances, payments, and gaming in the Philippines, pushing regulators to continuously monitor and regulate crypto activities and protect the stability and integrity of the local financial system. By June 2021, the volume of cryptocurrency transactions reached 20 million, while their value rose by 71% year on year to ₱105.93 billion.

Since the company’s launch in 2017, PDAX is committed to removing the barriers in crypto trading and investing in the country by keeping transaction and gas fees low and allowing users to cash in and out their funds through mainstream online banking apps, e-wallets, and over-the-counter channels. These features assure users that they can transact on PDAX seamlessly and hassle-free.

According to PDAX CEO Nichel Gaba, the launch of the five coins on the platform is only the start of what the company has to offer in 2022.

“We see the Philippines as a hotbed for mass crypto adoption and digital transformation, which is why our team is constantly seeking new ways to improve our products and services,” he said. “This year, we will stay true to our commitment to meeting the demands of our new and existing users. We’re set on listing more coins soon and take advantage of our growth as a company to grow the local crypto community as well.”

In June 2021, the crypto exchange raised $12.5 million (₱630 million) from a funding round led by a UK-based venture capital firm and joined by Hong Kong-based financial technology company BC Group. PDAX uses the fresh capital to increase support for new tokens and invest more into Bonds.PH, a blockchain-enabled platform where the Philippine government can sell retail Treasury bonds.

“Our team is grateful for our investors’ confidence in our business. We will continue to take their support to grow PDAX as a homegrown cryptocurrency exchange that local crypto investors can fully trust,” Gaba added.