Crypto Custody Firm Komainu Expands into Singapore with Acquisition of Propine Holdings

As part of its global expansion plans, Komainu, a prominent crypto custody firm backed by Japanese financial giant Nomura, is set to acquire Singapore-based Propine Holdings.

This is a strategic move for Komainu as it seeks to strengthen its foothold in the rapidly growing Asian cryptocurrency market, staring from Singapore.

Komainu Strengthens Presence in Singapore, Offering Tested and Trusted Custody Solutions

In a statement, prominent crypto custody firm Komainu announced plans to acquire Singapore-based custodian Propine Holdings Ltd.

According to the announcement, the acquisition is pending approval from the Monetary Authority of Singapore (MAS), the country's financial regulator.

With Singapore rapidly becoming a major financial hub for digital assets, Komainu hopes to leverage the acquisition deal to establish a stronger foothold in the country.

Propine is a licensed custodian under Singapore's regulations, providing top-level digital asset custody services.By acquiring Propine, Komainu can enter Singapore's growing market.

This allows Komainu to Combine Propine's local knowledge and regulatory compliance with its secure custody services.

With Propine joining Komainu, the company believes it can offer even better services. Komainu shared that it will follow the same strict standards that banks use for governance. This will ensure that all services remain safe and reliable.

The company also emphasized that the new platform will meet the highest regulatory standards. This is crucial in a market like Singapore, where strict rules are in place for digital assets.

Furthermore, Komainu explained that the demand for secure and compliant custody solutions is growing. As a result, more institutions are looking for trustworthy ways to store their digital assets.

With this acquisition, Komainu aims to meet that demand. It will offer custody services tested and proven to work under real-world conditions. This is what Komainu refers to as battle-tested" solutions.

Overall, the company believes this acquisition will help it provide better services that are secure, compliant, and ready for the growing needs of the crypto industry.

Komainu Sets its Sights on Full Crypto Payment Services in Singapore

Komainu did not reveal the acquisition's cost, so the exact size of the deal remains unknown.

In an interview with Bloomberg, Komainu's co-CEO, Paul Frost Smith, said the company has bigger plans for Singapore. Komainu intends to apply for a Major Payment Institution license, enabling it to offer complete payment services in Singapore.

Paul Frost Smith highlighted Singapore as a key location for Komainu Asia. He described the country as an important strategic hub for the company.

He also explained how acquiring Propine would make Komainu stronger. Propine will help Komainu meet the growing demands of its clients as its services are now in high demand.

One of these services is Komainu Connect, the company's collateral management service, which helps investors manage their assets safely.

Komainu Connect is popular with clients in several countries, including Hong Kong, Singapore, Malaysia, Thailand, and Australia. By adding Propine to its team, Komainu hopes to serve these clients even better and continue to meet their needs.

Propine provides custody services specifically for institutional clients. One key feature of its services is digital currency connectivity," which allows clients to access and manage digital currencies easily.

Propine is also licensed by the Monetary Authority of Singapore (MAS). It holds a Capital Markets Services License, which permits it to offer custodial services in Singapore.

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