The country’s first digital trading platform, Philippine Digital Asset Exchange or PDAX, plans to launch an enterprise-grade trading venue in the third quarter to give support to an emerging blockchain-backed economy in the Philippines.
PDAX chief executive CEO Nichel Gaba noted a rising momentum of investing in digital assets and cryptocurrencies in the Philippines.
“We always believe that in the future assets will be in the blockchain. They will need to be traded on an exchange, that’s where we will come in,” Gaba said in an interview Wednesday.
A few countries were ahead in the adoption of the blockchain technology, like the US and Canada, he said.
Singapore is the most advanced in Southeast Asia with efforts to create its own cryptocurrency.
“But the Philippines is not far behind. We’re slightly ahead among other countries in the Asean because we have supportive regulators and our population is very active in the web,” Gaba said.