Komainu, the crypto custody firm backed by Nomura, is acquiring Propine Holdings Pte Ltd., a Singapore-based custodian, subject to approval from the Monetary Authority of Singapore (MAS).
In a statement released on Tuesday, Komainu said that the expected acquisition is expected to strengthen its presence in Singapore. “The combined platform will not only offer robust security and bank-grade governance but also meet the highest regulatory standards, catering to the growing demand for secure, compliant and battle-tested custody solutions,” the company said.
Komainu did not disclose the size of the acquisition. Komainu's co-CEO Paul Frost Smith said in an interview with Bloomberg that the company plans to apply for a Major Payment Institution license in Singapore, which would allow the firm to offer full payment services.
“Singapore is an important strategic hub for Komainu in Asia and Propine will enhance our capabilities in meeting the significant client demand we are experiencing, including for Komainu Connect, our collateral management service, which is already extensively utilised by our investor clients in Hong Kong, Singapore, Malaysia, Thailand and Australia,” Frost Smith said in the statement.
Propine offers custody services for institutional clients that supports “digital currency connectivity." It holds a Capital Markets Services License for providing custodial services issued by the MAS.
Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.
© 2024 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
免责声明：本文章仅代表作者个人观点，不代表本平台的立场和观点。本文章仅供信息分享，不构成对任何人的任何投资建议。用户与作者之间的任何争议，与本平台无关。如网页中刊载的文章或图片涉及侵权，请提供相关的权利证明和身份证明发送邮件到support@aicoin.com，本平台相关工作人员将会进行核查。
