Singapore Digital Asset Exchange (SDA) has secured US$50 million in a Series B2 funding round led by Oman-based Muscat Precious Metals Refining Company LLC (MPMR).
This latest round follows the company’s $18 million Series B funding round in 2021, which saw participation from investors including PSA International, Straits Trading Company and New Horizon Global.
The funds raised will support SDAX’s plans to expand across Asia and the Gulf Cooperation Council (GCC) region with a focus on client acquisition and new business lines such as asset management and fund administration.
Part of the expansion will also include the launch of a digital asset exchange in Oman, allowing SDAX to reach GCC and African markets while connecting Oman to global liquidity pools.
Earlier this year, SDAX partnered with MPMR to offer a securitised gold token, giving investors a fractional gold investment backed by physical bullion in Singapore.
SDAX Exchange holds a Authorised Market Operator (RMO) license from the Monetary Authority of Singapore.
Rachel Cheah, CEO of SDAX, said:
“The success of our Series B2 funding round is a testament to SDAX’s commitment to democratizing access to institutional-grade private markets and alternative investments.
We value the continued support of our current investors and welcome our new shareholder, MPMR, and the business possibilities this new partnership brings. We are particularly excited about the opportunities for expansion into the GCC region.”
Nick Cochran Dietrich MBE, MPMR and incoming Chair of SDAX said:
“After more than a year of collaboration with SDAX, the results of our partnership demonstrate the potential that SDAX can offer in democratizing investing for financial inclusion.
We look forward to deepening our partnership with SDAX through capacity building in Oman, providing alternative sources of capital for GCC companies and building a strong investor base in the region.”
Featured Image Credit: Free Pick
