Investment and trading platform SDAX raises US$50 million in Series B2 round

SINGAPORE’S Digital Asset Exchange (SDAX) has raised US$50 million at the close of its Series B2 funding round, led by Muscat Precious Metals Refining Company (MPMR).

MPMR is based in Oman and specialises in the refining, trading and minting of precious metals such as gold, silver and platinum.

The capital will be used to grow the business to include other sectors such as wealth and fund management, as well as acquire clients, said SDAX on Tuesday (Sep 10). 

SDAX will also prioritise regional expansion and the launch of a digital asset exchange in Oman. 

This will provide a strategic gateway to the Gulf Cooperation Council region and Africa, while connecting Oman to global liquidity pools, said the investment and trading platform. 

Rachel Chia, chief executive officer of SDAX, said the latest funding round is a testament to the exchange’s “commitment to democratise access to institutional-grade private markets and alternative investments”.

In April, SDAX partnered MPMR to offer securitised gold tokens on its exchange platform. These tokens offer investors fractional gold investments and trading, backed by physical gold bullion. 

The latest funding round follows an US$18 million Series B round in 2021 led by PSA International, Straits Trading Company and New Horizon Global. The funds raised from that round were used to roll out new product offerings, and further develop the company’s technology platform to better serve users. 

SDAX was formed from the merger of blockchain platform Digiassets Exchange (Singapore) and fintech company Minterest in 2021. It aims to build a global digital asset exchange ecosystem amid growing demand for alternative investments.