Services back up for cryptocurrency trading platform PDAX, says CEO

ABS-CBN News

Posted at Feb 22 2021 10:29 AM

Services back up for cryptocurrency trading platform PDAX, says CEO 1

MANILA - All services are back up for cryptocurrency trading platform Philippine Digital Asset Exchange (PDAX) after suffering from a 36-hour downtime last week, its CEO said Monday.

All services are up, however, at least 0.2 percent of its user base may experience log-in issues during the day, PDAX founder and CEO Nichel Gaba told ANC.

"All the services are back up. There is a small number of users, I would put that at 0.2 percent of our user base, that will experience log-in issues today but at the end of the day they will be able to access their accounts," Gaba said.

Gaba also assured users that funds were "just as it was before it entered maintenance mode.

The platform is enhancing its system to prevent "unfunded orders" and to prevent glitches, the official said. PDAX aims to triple its workforce by hiring more engineers and customer support, he said. 

PDAX is regulated by the Bangko Sentral ng Pilipinas (BSP). 

The PDAX downtime occurred just as the cryptocurrency Bitcoin breached the $50,000 mark last week. 

It jumped to its all-time high of $52,932 on Feb. 19. Bitcoin has seen an unusual surge in activity after billionaire Elon Musk tweeted about the virtual currency.

- with a report from Reuters

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