Singaporean Crypto Exchange, SDAX, Secures $50 Million Funding for Oman Expansion
CryptoNewsTerminal Staff11 Sep, 2024
Singaporean Crypto Exchange, SDAX, Secures $50 Million Funding for Oman Expansion
Singapore-based crypto exchange, SDAX, has secured $50 million in Series B2 funding to expand into Oman. The funding round was led by Oman-based precious metal refiner, MPMR. The funds raised will be used to establish a cryptocurrency exchange in Oman, the latest in a series of moves by crypto exchanges to expand into the Middle East. In May, Binance, the world's largest crypto exchange, received regulatory approval to operate in Oman, while FTX, another major crypto exchange, established a presence in Dubai in March. SDAX's expansion into Oman is a reflection of the growing interest in cryptocurrency in the Middle East. The region has seen a surge in crypto adoption in recent years, driven by factors such as the rise of mobile payments and the growing popularity of decentralized finance (DeFi).
