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.
MPMR partnered with SDAX to launch a tokenized gold product in April of this year. The Muscat company was founded in 2022. The gold tokens involve medium term loan notes issued by a trust, which represent a first charge over gold owned by MPMR and vaulted at Le Freeport in Singapore. Surprisingly, MPMR’s website is substantially boilerplate and doesn’t provide a huge amount of information about the company, such as the source of its funding. That’s the sort of thing one would think a token investor might like to see. One of its executives, Nick Cochrane-Dyet, is now the Chair designate of SDAX.
While some of the other SDAX token issuers are companies listed in Singapore, they are a mixed bag. For example, for more than 35 years, ValueMax has been operating a chain of pawnbrokers in Singapore and Malaysia. It has issued multiple rounds of commercial paper.
“The successful Series B2 funding round is a testament to SDAX’s commitment to democratise access to institutional-grade private markets and alternative investments,” said Rachel Chia, CEO of SDAX.
Meanwhile, tokenized gold is increasingly popular. HSBC launched a gold tokenization solution initially targeted at institutions. Subsequently, it made it available to retail clients in Hong Kong.
