Oman Muscat Precious Metal Refining company has invested in SDAX, Singapore’s Digital Asset Exchange. SDAX raised $50 million Series B2 funding round led by the Oman-based Muscat Precious Metals Refining Company LLC (“MPMR”). SDAX plans to launch digital asset exchange in Oman.

This follows a US$18 million Series B funding round in 2021 led by PSA International, Straits Trading Company, and New Horizon Global. They joined existing shareholders: ESR, RHT and Crazy Goats, supporting SDAX’s mission to empower investors with access to private markets and alternative investment opportunities.

As per the press release, the funds raised will accelerate the expansion of the SDAX ecosystem on several fronts, chief among them is the focus on client acquisition and the inclusion of other business lines such as wealth and fund management.

Regional expansion is another priority, as is the launch of a digital asset exchange in Oman. This platform will not only provide a strategic gateway to the GCC and Africa but will also connect Oman to liquidity pools globally.

Rachel Chia, Chief Executive Officer of SDAX, said, “The successful Series B2 funding round is a testament to SDAX’s commitment to democratise access to institutional-grade private markets and alternative investments. We value the continued support of our current investors, and welcome both our new shareholders MPMR and the business potential that this new partnership brings. We are particularly excited about the opportunity to expand into the GCC region.”

Nick Cochrane-Dyet MBE of MPMR, and Chair-designate of SDAX, commented, “After more than a year of working with SDAX, the results of our partnership have demonstrated the potential SDAX has to offer in democratizing investments for financial inclusion. We look forward to deepening our partnership with SDAX by developing capabilities in Oman to provide companies in the GCC with an alternative source of funds, and to building a strong investor base in the region. We look forward to supporting SDAX’s growth journey and contributing to its continued success.”

Tan Chong Huat, outgoing Chairman of SDAX, added, “We welcome MPMR to our esteemed roster of shareholders and are proud of the SDAX team’s well-deserved achievements. Looking ahead, we are thrilled about SDAX’s international expansion and being recognized as one of the leading digital asset platforms globally. I am honored to have been a part of SDAX’s success and now wish SDAX to attain further heights together with MPMR.”

In April this year, the diversity of products offered on the digital asset exchange platform has been bolstered by the strongest demand for gold in over a decade.