Bitget App
Trade smarter
Buy cryptoMarketsTradeFuturesEarnWeb3SquareMore
Trade
Spot
Buy and sell crypto with ease
Margin
Amplify your capital and maximize fund efficiency
Onchain
Going Onchain, without going Onchain!
Convert
Zero fees, no slippage
Explore
Launchhub
Gain the edge early and start winning
Copy
Copy elite trader with one click
Bots
Simple, fast, and reliable AI trading bot
Trade
USDT-M Futures
Futures settled in USDT
USDC-M Futures
Futures settled in USDC
Coin-M Futures
Futures settled in cryptocurrencies
Explore
Futures guide
A beginner-to-advanced journey in futures trading
Futures promotions
Generous rewards await
Overview
A variety of products to grow your assets
Simple Earn
Deposit and withdraw anytime to earn flexible returns with zero risk
On-chain Earn
Earn profits daily without risking principal
Structured Earn
Robust financial innovation to navigate market swings
VIP and Wealth Management
Premium services for smart wealth management
Loans
Flexible borrowing with high fund security
Komainu aims to expand in Asia with acquisition of Propine

Komainu aims to expand in Asia with acquisition of Propine

GrafaGrafa2024/10/23 04:00
By:Mahathir Bayena

Komainu, a digital asset custody provider backed by Japan’s Nomura, has targeted Singapore’s Propine Holdings for acquisition. 

The acquisition, if approved, will mark Komainu’s first purchase and is expected to expand its presence in Asia. 

Although the transaction’s value has not been disclosed, Propine’s Capital Markets Services License from the Monetary Authority of Singapore (MAS) is a key aspect driving the deal. 

Paul Frost-Smith, co-CEO of Komainu, highlighted the importance of Propine’s license, stating that it is “an absolutely key factor in building” Komainu’s growth strategy. 

Following the acquisition, Komainu plans to apply for a Major Payment Institution license from MAS to further broaden its services in the region. 

The acquisition of Propine will enhance Komainu’s capabilities in meeting growing client demand, especially for its collateral management service, Komainu Connect. 

According to Frost-Smith, this service is already extensively used by institutional clients across Hong Kong, Singapore, Malaysia, Thailand, and Australia. 

After the acquisition, Propine will operate under the Komainu brand, confirmed Propine CEO Tuhina Singh. 

Propine, which operates with a blockchain-agnostic, dual-layer multisignatory mechanism, received its Capital Markets Services License after graduating from MAS’s regulatory sandbox in 2021. 

This approval solidified its position in Singapore’s custody service market, making it a valuable addition to Komainu’s portfolio. 

Komainu’s strategic expansion aligns with its existing global efforts. 

The firm holds a full operating license from Dubai’s Virtual Asset Regulatory Authority and has obtained registration as a custodian wallet provider from the UK’s Financial Conduct Authority. 

Through this acquisition, Komainu aims to bolster its presence in Asia and cater to the increasing demand for institutional custody services.

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!