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