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Singapore's Digital Asset Exchange (SDAX) has successfully closed a US$50 million Series B2 funding round led by Muscat Precious Metals Refining Company LLC (MPMR), a leading precious metals refinery in Oman, the private markets investment platform announced on Tuesday.
This latest funding round follows a $18 million Series B investment in 2021, which saw participation from prominent investors like PSA International, Straits Trading Company, and New Horizon Global. The continued support from existing shareholders, including ESR, RHT, and Crazy Goats, underscores SDAX's commitment to empowering investors with access to private markets and alternative investment opportunities, SDAX said.
The newly raised funds will be used to accelerate the platform's growth in several key areas. The company will focus on acquiring new clients and expanding its business lines to include wealth and fund management services. Additionally, SDAX aims to strengthen its presence in the region through regional expansion and the launch of a digital asset exchange in Oman. According to SDAX, this strategic move will not only provide a gateway to the GCC and Africa but also connect Oman to global liquidity pools.
"This is a testament to our dedication to democratizing access to institutional-grade private markets and alternative investments.…The partnership brings significant business potential, and we are particularly excited about the opportunity to expand into the GCC region," Rachel Chia, CEO of SDAX, said in the announcement.
SDAX has been gaining traction in the market, with a surge in demand for gold products. In April this year, the exchange partnered with MPMR to offer securitized gold tokens, allowing investors to fractionalize gold investments and trade backed by physical gold bullion. Subsequently, SDAX issued popular short-term gold financing notes offering attractive yields.
