Singapore digital asset exchange SDAX completes $50 million financing

Singapore-based digital asset exchange SDAX has completed a $50 million B2 round led by Muscat Precious Metals Refining Company (MPMR) in Oman. Previously, SDAX completed a $18 million Series B round in 2021.
SDAX plans to use the funding to launch a digital asset exchange in Oman with the goal of expanding into Gulf and African markets. In addition, SDAX partnered with MPMR in April to launch a tokenized gold product based on medium-term loan notes and gold deposited at Le Freeport in Singapore.
Rachel Chia, CEO of SDAX, said the fundraising was a testament to the company's commitment to making institutional-grade private markets and alternative investments more accessible. At the same time, demand for tokenized gold is growing, and HSBC has launched similar products for institutional and retail clients.