Singapore’s Digital Asset Exchange (SDAX) has successfully closed its US$50 million Series B2 funding round led by the Oman-based Muscat Precious Metals Refining Company (MPMR).

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 Gulf Cooperation Council (GCC) and Africa but will also connect Oman to liquidity pools globally.

In April this year, the diversity of products offered on the exchange’s platform has been bolstered by the strongest demand for gold in over a decade. The exchange had teamed up with MPMR to offer securitised Gold Tokens, which offer investors fractional gold investments and trading, backed by physical gold bullion held at Le Freeport in Singapore.

Following this, the exchange issued a popular series of short-term gold financing notes offering investors double-digit yields.

“The successful Series B2 funding round is a testament to our commitment to democratize access to institutional-grade private markets and alternative investments,” says Rachel Chia, the exchange’s CEO. “We are particularly excited about the opportunity to expand into the GCC region.”