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Digital asset custody provider Komainu has targeted Singapore’s Propine Holdings, the parent company of local custody provider Propine Technologies, for acquisition.
If the sale is approved, it will be Komainu’s first acquisition, but probably not its last, its CEO said. The value of the transaction was not disclosed. 
<h2 id="propine-has-a-capital-markets-services-license">Propine has a Capital Markets Services License</h2>
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&nbsp;<a data-ct-non-breakable="null" href="https://www.bloomberg.com/news/articles/2024-10-22/nomura-backed-crypto-custodian-komainu-makes-first-acquisition" rel="null" target="null" text="null" title="null">interview</a>&nbsp;with Bloomberg.
Frost-Smith added that once the acquisition is completed, Komainu will also apply for a Major Payment Institution license from MAS. Komainu currently focuses on Japan, but is seeking to expand its footprint in Asia, Frost-Smith&nbsp;<a data-ct-non-breakable="null" href="https://www.businesswire.com/news/home/20241021653034/en/Komainu-Agrees-to-Acquire-Propine-in-Singapore-to-Expand-Its-Footprint-in-Asia-Ex-Japan" rel="null" target="null" text="null" title="null">said</a>&nbsp;in a statement, adding:
<blockquote>
 “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.”
</blockquote>
Propine CEO Tuhina Singh said in the same statement that Propine will do business under the Komainu brand name after the acquisition.&nbsp;
Related:&nbsp;<a data-ct-non-breakable="null" href="https://cointelegraph.com/news/okx-komainu-coin-shares-institutional-segregated-asset-trading" rel="null" target="null" text="null" title="null">OKX joins&nbsp;Komainu&nbsp;and CoinShares for institutional segregated asset trading</a>
<h3 id="komainu-is-slowly-expanding">Komainu is slowly expanding</h3>
Propine&nbsp;<a data-ct-non-breakable="null" href="https://cointelegraph.com/news/crypto-custody-firm-graduates-singapore-monetary-authority-s-regulatory-sandbox" rel="null" target="null" text="null" title="null">graduated from the MAS</a>&nbsp;regulatory sandbox in 2021 after slightly more than a year. Its custody service uses a blockchain-agnostic, dual-layer multisignatory mechanism that is not native to any single chain.&nbsp;
<figure>
 <img alt="Komainu targets Singapore custodian Propine for first acquisition" src="https://s3.cointelegraph.com/uploads/2024-10/0192b61f-735f-7673-9fd3-252c0f4bbec3" title="">
 <figcaption style="text-align: center;">
 Source: <a data-ct-non-breakable="null" href="https://x.com/sidcoins/status/1848670694940307617" rel="nofollow noopener" target="_blank" text="null" title="https://x.com/sidcoins/status/1848670694940307617">Sidhartha Shukla</a>
 </figcaption>
</figure>
Komainu&nbsp;<a data-ct-non-breakable="null" href="https://cointelegraph.com/news/japan-nomura-bank-announces-crypto-custody-solution-for-institutional-investors" rel="null" target="null" text="null" title="null">was founded in 2018 with</a>&nbsp;backing from Japanese investment bank Nomura through its Laser Digital subsidiary and crypto companies CoinShares and Ledger. Its&nbsp;<a data-ct-non-breakable="null" href="https://cointelegraph.com/news/coinshares-ledger-and-nomura-release-long-awaited-custody-platform" rel="null" target="null" text="null" title="null">product launched in 2020</a>.&nbsp;
Komainu has been making headway outside Japan. It has&nbsp;<a data-ct-non-breakable="null" href="https://cointelegraph.com/news/dubai-crypto-license-komainu-nomura-coinshares-ledger-joint-venture" rel="null" target="null" text="null" title="null">a full operating license from</a>&nbsp;Dubai’s Virtual Asset Regulatory Authority&nbsp;and&nbsp;<a data-ct-non-breakable="null" href="https://cointelegraph.com/news/crypto-firm-komainu-gets-registration-from-fca" rel="null" target="null" text="null" title="null">registration as a custodian wallet</a>&nbsp;provider from the UK’s Financial Conduct Authority. Even before that registration, it had contracted with the City of London Police&nbsp;<a data-ct-non-breakable="null" href="https://cointelegraph.com/news/komainu-to-store-crypto-confiscated-by-uk-law-enforcement" rel="null" target="null" text="null" title="null">to hold confiscated cryptocurrency</a>.&nbsp;
Magazine:&nbsp;<a data-ct-non-breakable="null" href="https://cointelegraph.com/magazine/0g-labs-michael-heinrich-ai-defi-goat-tao-aethir-hall-of-flame/" rel="null" target="null" text="null" title="null">0G Labs founder loves Goat, Turbo &amp; Aethir… but not TAO: Hall of Flame</a>
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Komainu targets Singapore custodian Propine for first acquisition

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