PDAX Partners with Western Union to Offer Digital Dollar Trading
PDAX, a leading cryptocurrency exchange in the Philippines, has announced that Filipinos can now hold and trade Western Union Digital Dollars directly on their platform. This move is seen as a significant development in the country's digital economy, providing users with greater flexibility and convenience when it comes to managing their finances.
According to PDAX, the partnership with Western Union will allow users to buy and sell Western Union Digital Dollars using Philippine Pesos (PHP). The exchange rate will be determined by market forces, and users can trade as little as PHP 10. This development is expected to increase the adoption of digital currencies in the Philippines.
Western Union Digital Dollars are a type of stablecoin that is pegged to the US Dollar and can be used for cross-border transactions. The partnership between PDAX and Western Union marks an important step towards expanding the use of digital currencies in the country's remittance market.