- MPMR is Oman’s leading precious metals refinery
- The funds raised will fuel expansion across Asia and the Gulf Cooperation Council (GCC) region
Singapore, September 16, 2024 – SDAX, Singapore’s Digital Asset Exchange, is delighted to announce the successful completion of its US$50 million Series B2 funding round, led by Muscat Precious Metals Refining Company LLC (MPMR), a prominent precious metals refinery based in Oman. This achievement follows the earlier Series B round in 2021, where US$18 million was raised through investments from PSA International, Straits Trading Company, and New Horizon Global. These stakeholders, along with existing investors such as ESR, RHT, and Crazy Goats, continue to champion SDAX’s mission of enabling broader access to private markets and alternative investment opportunities.
The newly secured funds will drive the expansion of SDAX’s ecosystem, with a strong emphasis on client acquisition and the introduction of additional business ventures such as wealth and fund management services. A key focus is regional expansion, including the development of a digital asset exchange in Oman. This initiative will act as a vital gateway to the GCC and African markets while linking Oman to global liquidity networks.
Rachel Chia, Chief Executive Officer of SDAX, remarked, “The success of this Series B2 round reflects SDAX’s unwavering dedication to making institutional-grade private markets and alternative investments more accessible. We are grateful for the continued support from our existing investors and warmly welcome MPMR as our new shareholder. This partnership offers exciting prospects, particularly in expanding our footprint in the GCC region.”
Nick Cochrane-Dyet MBE, representing MPMR and the incoming Chair of SDAX, commented, “Having collaborated with SDAX for over a year, we have witnessed firsthand the platform’s potential to revolutionise investment access and promote financial inclusion. We are eager to deepen our collaboration with SDAX, especially by expanding into Oman, where we aim to provide businesses in the GCC with alternative funding sources and strengthen the investor base across the region. We are excited to contribute to SDAX’s growth and ongoing success.”
Tan Chong Huat, the outgoing Chairman of SDAX, added, “We are pleased to welcome MPMR to our distinguished group of shareholders and are immensely proud of the accomplishments of the SDAX team. As SDAX continues its international expansion and grows as a leading global digital asset platform, I am proud to have played a role in its journey. I wish the team further success alongside MPMR.”
Earlier this year, SDAX expanded its product offerings in response to heightened demand for gold, which reached a decade-high. In partnership with MPMR, SDAX introduced the securitised Gold Tokens on its platform, offering investors the opportunity to make fractional gold investments, supported by physical gold bullion stored at Le Freeport in Singapore. Following this, SDAX issued a highly successful series of short-term gold financing notes, providing investors with attractive double-digit returns.
