US-based ConsenSys Ventures invests in Philippine Digital Asset Exchange & Ligero

Blockchain visual. Credit: Wikimedia Commons

ConsenSys Ventures, the venture capital arm of New York-based Ethereum blockchain company, has invested in two early-stage blockcian firms – Philippine Digital Asset Exchange (PDAX) and Ligero, according to an announcement.

ConsenSys Ventures invested $1.15 million in Ligero while the investment in PDAX was undisclosed.

With the investments, ConsenSys Ventures intends to build a portfolio across the blockchain ecosystem.

PDAX is a digital exchange, focusing on the accessibility of digital assets, while Ligero is a platform that supports secure private decentralized collaboration.

Launched last year in the Philippines, PDAX has been regulated by the Central Bank and the securities regulator of the country.

The digital exchange allows Filipinos to trade on the platform and aims to reduce frictional cost of the high-volume inbound remittance flowing into the Philippines.

“Not only do we hope to enable lower cost and facilitate faster processing for remittance and other P2P payments, but we are also seeking to address long-standing inefficiencies in the Philippine financial markets,” said Yang Yang Zhang, co-founder and chief strategy officer at PDAX.

Meanwhile, Ligero practices the multi-party computation and zero-knowledge proof that allows to compute values or provide proof of data without having to reveal the private information to another party.

Currently, the Ethereum Foundation, Switzerland based non-profit organization and Filecoin, a blockchain-based crypto currency, are partnering with Ligero to run a large scale multi-party computation protocol.

In 2017, ConsenSys announced the launch of a $50-million venture fund to invest in startups working with blockchain technology.

Early investments made out of the fund are BlockFi and Unikrn. Earlier this year, ConsensSys Ventures closed a $1 million investment in Coinhouse, a crypto wallet and trading platform and an undisclosed investment in Tenta, a virtual private network browser.

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