SDAX, Singapore’s Digital Asset Exchange, has announced on Tuesday the closing of its $50 million Series B2 funding round led by the Oman-based Muscat Precious Metals Refining Company LLC (MPMR).

This follows a $18 million Series B funding round in 2021 led by PSA International, Straits Trading Company, and New Horizon Global, according to a statement.

They joined existing shareholders: ESR, RHT and Crazy Goats, supporting SDAX’s mission to empower investors with access to private markets and alternative investment opportunities.

The funds raised will accelerate the expansion of the SDAX ecosystem on several fronts, chief among them is the focus on client acquisition and the inclusion of other business lines such as wealth and fund management.

Regional expansion is another priority, as is the launch of a digital asset exchange in Oman, the company said.

This platform will not only provide a strategic gateway to the GCC and Africa but will also connect Oman to liquidity pools globally.
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, she said.

“We are particularly excited about the opportunity to expand into the GCC region,” she added.

Nick Cochrane-Dyet MBE of MPMR, and Chair-designate of SDAX said, “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.”

In April this year, the diversity of products offered on SDAX’s platform has been bolstered by the strongest demand for gold in over a decade. SDAX had teamed up with MPMR to offer securitised Gold Tokens on the SDAX Exchange platform.

First of their kind, these tokens offer investors fractional gold investments and trading, backed by physical gold bullion held at Le Freeport in Singapore.

Following this, SDAX has issued a popular series of short-term gold financing notes offering investors double-digit yields.

The Straits Trading Company lists tokenised corporate bond backed by real estate on SDAX