The Philippine Digital Asset Exchange (PDAX) has raised more than $50 million in a funding round led by American investment firm Tiger Global Management as the cryptocurrency exchange looks to make virtual assets more accessible in the Southeast Asian country.

UBX, a venture fund owned by UnionBank of the Philippines, which counts one of the country’s wealthiest clans, the Aboitiz family, as its largest shareholder, participated in the funding round, PDAX said in a statement on Thursday. Other investors include Kingsway Capital, Jump Capital, US blockchain payments firm Ripple, and DG Daiwa Ventures, the investment firm jointly established by Daiwa Securities Group and Japan’s Digital Garage, among others.

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