It has been reported that the biggest crypto derivatives marketplace, Bitmex, has recently invested on a Philippine cryptocurrency exchange which has been licensed by the Philippine Central Bank.
The investment is primarily aimed to help the Philippine Digital Asset Exchange (PDAX) develop its market place which includes tokenized commodities, real estate equities and debt securities.
According to Nichel Gaba, PDAX CEO, the limited infrastructure in the Philippines has left consumers struggling to find financial products but with the help of his company’s platform that leverages digital assets and blockchain it will be able to level the playing field for all.
It has also been revealed that many of BitMex’s trading consumers hail from the Philippines, in supporting PDAX, it will help increase awareness about cryptocurrency and how it is used in the world of finance which in turn will bode well for BitMex.
With increasing cryptocurrency friendly regulations in the country as well the growth of crypto-related businesses Philippines is slowing becoming one of the best country to conduct blockchain/crypto-relatd business, in fact the country already has a special economic zone designed primarily for blockchain projects.
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