As a seasoned crypto investor with a keen eye for opportunities and a knack for spotting potential in the digital asset landscape, I find the acquisition of Propine Technologies by Komainu an exciting development. Having closely followed Komainu’s journey since its inception in 2018, it’s fascinating to witness their strategic growth, expanding from Japan to Asia and now aiming for global dominance.
Digital asset custodian Komainu has set its sights on acquiring Propine Holdings, the umbrella company of Singapore-based custody provider Propine Technologies. The financial details of the deal have been kept confidential.
If the sale gets accepted, it would mark Komainu’s initial acquisition; however, the CEO hinted that this may not be their only one.
Propine has a Capital Markets Services License
The sale of Propine to Komainu requires approval from the Monetary Authority of Singapore (MAS). Propine Technologies holds a Capital Markets Services License issued by MAS to provide institutional custodial services, which Komainu co-CEO Paul Frost-Smith called “an absolutely key factor in building” Komainu in an interview with Bloomberg.
After finishing the acquisition, Komainu intends to submit an application for a Major Payment Institution license from the Monetary Authority of Singapore (MAS). At present, Komainu primarily operates in Japan but aims to extend its presence across Asia. This is as reported by Frost-Smith in a statement.
“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.”
After the acquisition, Propine plans to operate under the Komainu brand name, according to Tuhina Singh, the CEO of Propine.
Komainu is slowly expanding
In 2021, Propine completed its tenure from the MAS regulatory sandbox, having spent over a year there. Their custody service employs a versatile, dual-layered multisignature system that isn’t tied to any specific blockchain.
2018 marked the establishment of Komainu, a company that was initially funded by Japanese investment bank Nomura, via its Laser Digital subsidiary, in collaboration with digital currency firms such as CoinShares and Ledger. Their product debuted in 2020.
Komainu has been expanding its presence beyond Japan, securing a full operational license from Dubai’s Virtual Asset Regulatory Authority and UK’s Financial Conduct Authority as a registered custodian wallet provider. Remarkably, it had already entered into an agreement with the City of London Police to safeguard seized cryptocurrencies before obtaining that registration.
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2024-10-23 01:00