A new cryptocurrency exchange is set to launch in the Philippines this summer 2018.
The Philippine Digital Asset Exchange (PDAX) is a local cryptocurrency exchange that lets users trade virtual currencies such as bitcoin. Once it launches, it will eliminate the need for Filipinos to use a foreign cryptocurrency exchange to buy, sell, and trade digital assets.
PDAX is set to leverage the same order-matching technology used in stock exchanges to match buyers and sellers. In this way, users can set their own prices when trading crypto. This is different from existing services in the Philippines where the price of a virtual currency, such as bitcoin, is set by the platform.
“We believe the future of investing is digital,” says Nichel Gaba, Co-Founder and CEO of PDAX, “and no one should get left behind.”
PDAX has been presenting at local banks and organizations to educate the market and the public with correct information on cryptocurrency.
PDAX is actively engaged with the Bangko Sentral ng Pilipinas (BSP) and the Securities and Exchange Commission (SEC) for compliance.
The company is headed by CEO Nichel Gaba – former Head of Trust at HSBC Philippines. Other key members are Chief Strategy Officer Yang Yang Zhang and Chief Marketing officer Krystian Kucharzyk. Ms. Zhang is previously Chief Marketing Officer of BKT, a solution provider for water and energy. Mr. Kucharzyk is previously the Global Strategist at Samsung and Securities Associate at Goldman Sachs.