BitMEX Ventures Invests in a Philippines-Based Cryptocurrency Exchange

BitMEX Ventures, the investment arm of crypto derivatives exchange BitMEX, which is owned and operated by Seychelles-based HDR Global Trading Limited, has invested in a cryptocurrency exchange called PDAX that is based in the Philippines.

The Republic of the Philippines (or "The Philippines" for short) is an archipelagic country in Southeast Asia with a population of around one hundred million. PDAX, which stands for Philippine Digital Asset Exchange, was founded in 2018 by people with experience from "MIT, Goldman Sachs, HSBC, and the United Nations SDG Initiative." According to PDAX, it is a full regulated centralized crypto exchange that has been approved by the central bank of the county, Bangko Sentral ng Pilipinas (BSP). PDAX says that over half of the people in the Philippines do not have bank accounts and even the ones who do "have limited access to investments."

PDAX is currently operating in beta mode, and there is a waitlist for people who gain access to this trading platform.

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