Blockchain-based digital asset exchange SDAX to collaborate with SGPMX to expand choices for exchang

SINGAPORE - March 2, 2021 - PRLog -- Digiassets Exchange (Singapore) Pte. Ltd. ("SDAX") has entered into a Memorandum of Understanding ("MoU") with Singapore Precious Metals Exchange Pte. Ltd. ("SGPMX") to promote greater collaboration between both exchanges under a partnership framework that will deliver more choices and new investment opportunities for investors.

SDAX Deputy Chairman, Mr Tan Chong Huat, said, "As a digital asset exchange, we are constantly exploring ways to open new possibilities beyond the offerings of traditional exchanges. SDAX will gradually expand to include new products and asset classes and our collaboration with SGPMX reflects our commitment to offer investment opportunities in precious metals and more."

Under the MoU, both SDAX and SGPMX will establish what is set to be Singapore's first digital token for physical bullion trading. The token will be listed and traded on SDAX, which may enhance price discovery and access to physical bullion investment opportunities.

Furthermore, SGPMX will explore the development of indices tied to physical bullion products to be tokenised, listed and traded on SDAX's exchange.

The collaboration between both exchanges will also focus on enabling the use of fractionalised physical gold and silver for trade settlement on SDAX's exchange.

SGPMX Chief Executive Officer and Founder, Mr Victor Foo, said, "The universal appeal of physical gold and silver as an asset and store of value complements the use of fiat currencies and cryptocurrencies for digital asset investors. The mutually beneficial partnership between SDAX and SGPMX will ensure individuals, traders and institutions on both platforms will have access to more choices to suit their needs."

The partnership will also see SDAX leveraging SGPMX's secure storage and custody facilities at Le Freeport for the underlying physical assets of digital securities listed on SDAX's platform.

Following SDAX's recent Approval-in-Principle from the Monetary Authority of Singapore for its Recognised Market Operator licence, the digital asset exchange has stepped up efforts to grow its ecosystem of partners, including deal originators, market makers and liquidity partners, to strengthen its offering for accredited and institutional investors from around the world.

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https://www.sdax.co/