SDAX, Singapore’s Digital Asset Exchange, has successfully closed its Series B2 funding round with $50 million raised, led by Muscat Precious Metals Refining Company LLC (MPMR) from Oman.
This follows a $18 million Series B round in 2021.
MPMR, a leading precious metals refinery in Oman, joins existing investors ESR, RHT, and Crazy Goats in supporting SDAX’s expansion.
The new funds will enhance SDAX’s ecosystem, focusing on client acquisition, the addition of wealth and fund management services, and regional expansion.
A significant goal is launching a digital asset exchange in Oman, which will serve as a gateway to the Gulf Cooperation Council (GCC) and African markets, connecting Oman to global liquidity pools.
Rachel Chia, CEO of SDAX, remarked, “The successful Series B2 funding round underscores our commitment to democratizing access to institutional-grade private markets and alternative investments. We value the continued support of our current investors and welcome MPMR as a new shareholder. This partnership enhances our potential for expansion into the GCC region.”
Nick Cochrane-Dyet MBE of MPMR, soon-to-be Chair of SDAX, stated, “Our partnership with SDAX has proven its potential in democratizing investments. We are excited to deepen our collaboration, developing capabilities in Oman and providing GCC companies with alternative funding sources. We look forward to supporting SDAX’s growth.”
Outgoing SDAX Chairman Tan Chong Huat added, “We welcome MPMR to our esteemed roster of shareholders and celebrate the SDAX team’s achievements. We anticipate SDAX’s international expansion and continued recognition as a leading digital asset platform.”
In April 2024, SDAX’s platform expanded its product offerings with securitized Gold Tokens, providing fractional gold investments backed by physical gold bullion in Singapore.
The company also issued short-term gold financing notes with attractive yields, reflecting strong demand for gold.
SDAX is a MAS-regulated investment and trading platform in Singapore, serving institutional, accredited, and retail investors.
The platform offers access to fractionalized institutional-grade investments, focusing on private credit, real estate, and impactful opportunities.
SDAX was formed from the merger of Digiassets Exchange Singapore and fintech company Minterest Holdings, combining expertise to provide innovative investment solutions.
Business News Asia