Komainu, backed by Nomura, is set to acquire Singapore-based crypto custodian Propine, which is pending regulatory approval.
As long as the Monetary Authority of Singapore (MAS) agrees, Komainu, the crypto custody company backed by Nomura, will buy Propine Holdings Pte Ltd., a Singapore-based custodian.
On Tuesday, Komainu said the planned purchase would help the company’s presence in Singapore.
The company said, “The combined platform will not only offer strong security and bank-grade governance, but it will also meet the highest regulatory standards, meeting the growing demand for safe, legal, and tried-and-true custody solutions.”
Komainu didn’t say how much the purchase cost. Bloomberg talked to Paul Frost Smith, co-CEO of Komainu. He said the company wants to apply for a Major Payment Institution license in Singapore. This would let the company offer all kinds of payment services.
Frost Smith said in the statement, “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.
This includes Komainu Connect, our collateral management service already widely used by our investor clients in Hong Kong, Singapore, Malaysia, Thailand, and Australia.”
If you are an organization, Propine has custody services that support “digital currency connectivity.” The MAS gave it a Capital Markets Services License to offer safekeeping services.
