Singapore’s Digital Asset Exchange, SDAX, closed a US$50 million Series B2 funding round led by Oman-based Muscat Precious Metals Refining Company (“MPMR”). It completed its earlier $18 million Series B in 2021 led by PSA International, Straits Trading Company, and New Horizon Global.
Until mid-2023, SDAX didn’t have a huge amount of activity. Since then, a significant proportion of its business involves repeat issuances of commercial paper.
SDAX plans to use the new funds to launch a digital asset exchange in Oman to provide a gateway to the rest of the Gulf and Africa.
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