SDAX’s CEO Rachel Chia
Singapore-headquartered digital asset exchange SDAX has closed its US$50 million Series B2 funding round led by Oman-based Muscat Precious Metals Refining Company.
This follows a US$18 million Series B round in 2021 led by PSA International, Straits Trading Company, and New Horizon Global.
The new funds will be used for client acquisition and adding new business lines, such as wealth and fund management.
SDAX also plans to launch a digital asset exchange in Oman. This platform will provide a strategic gateway to the GCC and Africa and connect Oman to global liquidity pools.
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SDAX is a MAS-regulated investment and trading platform serving institutional, accredited and retail investors. It provides access to fractionalised institutional-grade investment opportunities.
In April this year, SDAX teamed up with MPMR to offer securitised Gold Tokens on its platform. These tokens offer investors fractional gold investments and trading backed by physical gold bullion held at Le Freeport in Singapore.
Following this, the firm has issued a popular series of short-term gold financing notes offering investors double-digit yields.
Muscat Precious Metals Refining Company was incorporated in the Sultanate of Oman, led by CEO H.E. Shihab Abusaidi. MPMR specialises in the smelting, refining, testing, trading and minting of precious metals such as gold, silver, platinum and palladium. MPMR refines approximately 40 tons of gold annually.
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