Singapore digital asset exchange SDAX completes $50 million Series B funding, led by MPMR

2024-09-12 08:03:18

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ChainCatcher news, Singapore's digital asset exchange SDAX has completed a $50 million Series B funding round, led by Oman Muscat Precious Metals Refining Company (MPMR). SDAX plans to use this funding to launch a digital asset exchange in Oman, aiming to expand into the Gulf and African markets.

In addition, SDAX and MPMR collaborated in April this year to launch a tokenized gold product, which is based on medium-term loan notes, with the gold stored at Le Freeport in Singapore.

SDAX CEO Rachel Chia stated that this funding demonstrates the company's commitment to making institutional-grade private markets and alternative investments 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 funding round in 2021.

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