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