According to sources, BitMEX Ventures has invested in a crypto exchange licensed by the central bank of the Philippines.
The investment aims to help the Philippine Digital Asset Exchange (PDAX) to develop its cryptocurrency marketplace. The aim is to include other digital assets such as tokenized commodities, real estate equities, and debt securities.
BitMex Invests in PDAX
Hong Kong-based BitMex is a cryptocurrency exchange that offers contracts with credit support. The exchange only trades crypto-to-crypto and doesn’t accept fiat currencies.
The investment is welcomed by PDAX; CEO Nichel Gaba says the limited infrastructure in the Philippines has left consumers struggling to find financial products and services. PDAX can now offer users the chance to enhance their wealth. He said:
“Through digital assets and blockchain, we want to even the playing field to give every Filipino from all walks of life the ability to grow their hard-earned wealth.”
The exchange CEO said further that PDAX is working closely with regulators “to ensure the safe and secure buying and selling of cryptocurrencies and other digital assets at the best price on the market.”
BitMex and the Phillippines
BitMex has a vested interest in the Phillippines as many of its trading consumers hail from there. By supporting PDAX, it helps to increase cryptocurrency adoption in the country as well as spread information and learning regarding digital assets and trading. The results of this can only bode well for BitMex.
Crypto and the Phillippines
The Phillippines has been a hive of activity in recent weeks. Back in April, payment services Bitspark announced plans to release a stablecoin that was backed by the Phillippine piso.
Further, earlier in 2019, financial body Western Union cozied up with Coins.ph to allow Philippine-based users to send and receive money directly to and from their e-wallets.
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