BitMEX Ventures invests in Philippine cryptocurrency exchange PDAX

BitMEX Ventures – the investment arm of the BitMEX crypto exchange – has invested in the Philippine Digital Asset Exchange (PDAX), a cryptocurrency exchange based in the Philippines.

In a Medium post, BitMEX said its investment will help strengthen PDAX’s exchange platform to create a marketplace not just for cryptocurrencies, but all kinds of digital assets.

PDAX plans to enable the trading of commodities, real estate, equities, and debt securities on the firm’s tokenised investment platform.

Details of the investment were not disclosed, but it is thought that BitMEX may be reinvesting trading fees made from its popular perpetual swap product, which recently saw over $10 billion worth of volume in a 24-hour period.

Limited financial products for Filipinos

Nichel Gaba, co-founder and CEO of PDAX, said the current financial infrastructure in the Philippines has limited access to financial products and services for many Filipinos.

“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. With the support of BitMEX and by leveraging blockchain technology, we hope to create a digital financial market that is accessible to everyone,” he said.

BitMEX co-founder and CEO Arthur Hayes said that BitMEX Ventures is “committed to advancing financial inclusion and accessibility to trading cryptocurrencies” in line with the firm’s main mission to “empower universal financial freedom”.

The CEO of the high leverage exchange concluded that he is “confident in the transformative potential of cryptocurrency and PDAX’s ability to widen access to the Philippines market and provide the tools to learn more about financial markets”.

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