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 Crypto custody platform Komainu is making its <a style="color: #0000ff;" href="https://www.bloomberg.com/news/articles/2024-10-22/nomura-backed-crypto-custodian-komainu-makes-first-acquisition?srnd=phx-crypto" rel="noopener noreferrer nofollow">first acquisition by purchasing</a> Crypto custody platform Komainu is preparing to acquire its Singapore-based competitor, Propine Holdings Pte Ltd. 
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In a<a style="color: #0000ff;" href="https://www.bloomberg.com/news/articles/2024-10-22/nomura-backed-crypto-custodian-komainu-makes-first-acquisition?srnd=phx-crypto" rel="noopener noreferrer nofollow"> recent interview with Bloomberg</a>, co-CEO Paul Frost-Smith stated that this acquisition is a first and significant move toward Komainu’s expansion across Asia.
Though he declined to reveal how much deal is worth, Frost-Smith mentioned that his company expects to finalize a funding round in the coming weeks.
Frost-Smith described the acquistion as “a key factor in building” the business, as the acquisition grants Komainu a Capital Market Services licence in Singapore.
<a href="https://propine.com/about-propine/" rel="noopener noreferrer nofollow">Propine has been operational since 2018</a> and received a conditional license from the Monetary Authority of Singapore (MAS) after its participation in MAS’ FinTech Regulatory Sandbox.
Frost-Smith also revealed that Komainu plans to apply for a Major Payment Institution licence in Singapore, further solidifying its operations in the region. He highlighted the country’s importance to Komainu’s future growth, noting increasing demand from private banks for advisory services and the rising need for collateral management services among hedge funds and asset managers.
He also hinted at potential expansion into Hong Kong and other regions with established digital asset regulations. However, he noted that while expanding into new markets, Japan remains central to Komainu’s operations, given its significance as the home market of Nomura Holdings Inc, the platform’s major investor. Notably, Nomura has kickstarted a number of initiatives to innovate within the country’s digital finance landscape.
In May 2024, Nomura<a style="color: #0000ff;" href="https://defi-planet.com/2024/05/nomura-and-gmo-partner-to-explore-jpy-and-usd-stablecoin-issuance-in-japan/" rel="noopener noreferrer nofollow"> partnered</a> with GMO Internet Group, Inc. to explore the issuance of JPY and USD stablecoins, with a goal of enhancing financial innovation in Japan. This initiative is being led by GMO-Z.com Trust Company, a U.S. subsidiary of GMO Internet Group, known for its expertise in stablecoin issuance under the regulations of the New York State Department of Financial Services.
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The post <a href="https://defi-planet.com/2024/10/komainu-to-acquire-singapores-propine-as-part-of-asia-expansion-strategy/" rel="noopener noreferrer nofollow">Komainu to Acquire Singapore’s Propine as Part of Asia Expansion Strategy</a> appeared first on <a href="https://defi-planet.com" rel="noopener noreferrer nofollow">DeFi Planet</a>.

Komainu to Acquire Singapore’s Propine as Part of Asia Expansion Strategy

DeFi Planet

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