Singapore’s digital asset exchange (SDAX) has secured US$50 million in its Series B2 funding round, led by Oman-based Muscat Precious Metals Refining Company LLC (MPMR).
This latest round follows the company’s previous US$18 million Series B round in 2021, which included investors such as PSA International, Straits Trading Company, and New Horizon Global.
The funds raised will support SDAX’s plans to expand its operations across Asia and the Gulf Cooperation Council (GCC) region, with a focus on client acquisition and new business lines such as wealth and fund management.
Part of the expansion will also include launching a digital asset exchange in Oman, positioning SDAX to tap into markets in the GCC and Africa while linking Oman to global liquidity pools.
Earlier this year, SDAX partnered with MPMR to offer securitised Gold Tokens, providing investors with fractional gold investments backed by physical bullion in Singapore.
The SDAX Exchange has a Recognised Market Operator (RMO) license from the Monetary Authority of Singapore.
Rachel Chia, Chief Executive Officer of SDAX, said,
“The successful Series B2 funding round is a testament to SDAX’s commitment to democratise access to institutional-grade private markets and alternative investments.
We value the continued support of our current investors, and welcome both our new shareholders MPMR and the business potential that this new partnership brings. We are particularly excited about the opportunity to expand into the GCC region.”
Nick Cochrane-Dyet MBE of MPMR, and Chair-designate of SDAX, said,
“After more than a year of working with SDAX, the results of our partnership have demonstrated the potential SDAX has to offer in democratising investments for financial inclusion.
We look forward to deepening our partnership with SDAX by developing capabilities in Oman to provide companies in the GCC with an alternative source of funds, and to building a strong investor base in the region.”
Featured image credit: Edited from Freepik
