Komainu is a well-known provider of digital asset custody solutions. Komainu has revealed intentions to buy Propine Holdings, a regulated custodian with Singapore headquarters. Though the specifics of the deal are yet unknown, this purchase is likely Komainu’s first and represents a major change in its growth plan.
The purchase will provide Komainu access to Propine’s Capital Markets Services License and is under clearance by the Monetary Authority of Singapore (MAS). This license is necessary for Komainu to provide institutional custodial services, a point that Komainu’s Co-CEO, Paul Frost-Smith, has emphasized as crucial for the company’s future growth. After the purchase, Komainu plans to ask MAS for a Major Payment Institution license, therefore allowing more regional development.
Nomura-backed crypto custodian Komainu is making its first-ever acquisition, Singaporean rival Propine Holdings https://t.co/Q9acp6BEpB via @crypto
— Sidhartha Shukla (@s1dc01n.bsky.social) (@sidcoins) October 22, 2024
Komainu is keen to spread its influence throughout Asia, given its current concentration on Japan. Propine will help Komainu be better able to meet the growing demand from customers for services like Komainu Connect, which enables collateral management and is already extensively utilized by clients in Hong Kong, Singapore, Malaysia, Thailand, and Australia, according to Frost-Smith.
As stated by Propine’s CEO, Tuhina Singh, once the purchase is complete, Propine will run under the Komainu brand. This cooperation seeks to maximize the capabilities of both companies, fostering innovation and offering strong security and control for digital asset products.
Komainu wants to confirm its leadership in digital asset custody as it advances this acquisition and improves its services for institutional clients all throughout Asia.
