Singapore Digital Asset Exchange (SDAX) has announced the closing of a $50 million Series B2 funding round led by Oman-based Muscat Precious Metals Refining Company (MPMR), which refines, mints and trades precious metals like gold, silver, and platinum.
SDAX—formed from the merger of blockchain platform Digiassets Exchange (Singapore) and fintech company Minterest in 2021—said it will use the funds primarily for client acquisition and also for adding new business lines such as wealth and fund management.
The company also plans to launch a digital asset exchange in Oman, which will serve as a strategic gateway to GCC and Africa, while also linking Oman to global liquidity pools.
SDAX had raised a $18 million Series B funding round in 2021 led by PSA International, Straits Trading Company, and New Horizon Global. Existing shareholders including ESR, RHT and Crazy Goats had also participated.
Regulated by the Monetary Authority of Singapore (MAS), SDAX is an investment and trading platform that provides access to fractionalised institutional-grade investment opportunities. It serves institutional, accredited and retail investors.
“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,” said Rachel Chia, CEO of SDAX.
The lead investor MPMR is Oman’s only gold refinery, which refines approximately 40 tonnes of gold annually.
“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,” said Nick Cochrane-Dyet MBE of MPMR, and Chair-designate of SDAX.
Last year, Mobee, an Indonesian digital assets and securities exchange, announced raising fresh funding led by Southeast Asian venture capital firm 1982 Ventures and strategic Indonesian family offices and individuals.
In 2021, Singapore-based digital assets exchange Zipmex bagged $41 million in an oversubscribed Series B funding round from investors including Krungsri Finnovate Company Limited, the corporate venture capital arm of the Thailand-based Bank of Ayudhya PCL.