Bitget App
Trade smarter
Buy cryptoMarketsTradeFuturesCopyBotsEarn
Nomura-backed Komainu to acquire crypto custodian Propine amid Singapore expansion

Nomura-backed Komainu to acquire crypto custodian Propine amid Singapore expansion

The BlockThe Block2024/10/21 16:00
By:The Block

Quick Take Nomura-backed Komainu announced Tuesday that it is acquiring Singapore-based custodian Propine, pending approval from the MAS. Komainu said that the acquisition is expected to strengthen its presence in Singapore.

Nomura-backed Komainu to acquire crypto custodian Propine amid Singapore expansion image 0

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.


0

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

PoolX: Locked for new tokens.
APR up to 10%. Always on, always get airdrop.
Lock now!

You may also like

Dogecoin (DOGE) Founder Makes Mind-Blowing DOGE Proposal for the US

Dogecoin founder Billy Markus, in his statement on X, made a Dogecoin proposal for the US administration.

Bitcoinsistemi2024/11/17 08:22

Why are Altcoin Sluggish? Analysis Company Reveals the Forecast Course of Altcoins for the Next Period

Cryptocurrency analysis company Alphractal evaluated the latest status of altcoins in its statement. Here are the details.

Bitcoinsistemi2024/11/17 08:22