The Philippine Digital Asset Exchange (PDAX) is set to launch its digital exchange in Q3 of 2018. This means it is expected for the exchange to launch around the months of July, August, and September this year. The digital trading platform will introduce an enterprise-grade trading to support blockchain-based economy in the country.
Mr. Nichel Gaba, the chief executive officer of PDAX, shared that the country has a rising momentum of investing in digital assets and cryptocurrencies.
“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,” – Mr. Nichel Gaba, Chief Executive Officer, PDAX
He added that countries like the US, Canada, and Singapore are far ahead in adopting the technology. Singapore is one of the most advanced in Southeast Asia as the country is currently creating its own cryptocurrency, Mr. Gaba said.
The CEO of the exchange also noted that the Philippines is not far behind as we are slightly ahead among other ASEAN countries. This is because of the support of the country’s regulators and the population’s activities on the web.
In an earlier interview with Bitpinas, Chief Marketing Officer Krystian Kucharzyk said the Philippines is ripe for a proper digital asset exchange other than the equities exchange we currently have (the Philippine Stock Exchange). He cited the lack of commodities market and of course, digital asset exchanges.
Mr. Kucharzyk thinks a proper digital asset exchange can help Filipinos against exorbitant fees in the current way users in the country buy asset classes like altcoins in foreign exchanges. A digital exchange based in the Philippines will allow Filipinos to use fiat (Pesos) without the hassle of transaction fees when sending bitcoin to foreign exchanges.
PDAX is currently in talks with the Bangko Sentral ng Pilipinas (BSP) and the Securities and Exchange Commission (SEC) to create rules, policies, and licenses for a digital asset exchange.
PDAX is not the only company developing a digital asset exchange for the Philippine market. Coins.ph is operating its own exchange called CX, currently in beta. SCI is also developing its own cryptocurrency exchange called Citadax.