Philippines-based cryptocurrency exchange PDAX raises $12.5m

FILE PHOTO: Representations of cryptocurrencies including Bitcoin, Dash, Ethereum, Ripple and Litecoin are seen in this illustration picture taken June 2, 2021. REUTERS/Florence Lo/Illustration/File Photo

Philippine Digital Asset Exchange (PDAX), a cryptocurrency exchange, has announced raising $12.5 million in a funding round backed by a UK-based venture capital firm and joined by Hong Kong-listed fintech company BC Group.

Existing investors Beenext Ventures, CMT Digital, Ripple, and Aboitiz-led fintech company UBX also participated in the funding round, which will support the improvement of PDAX’s products and services and expand Bonds.ph.

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