Komainu, the digital asset custodian backed by Nomura, Ledger and Coinshares, announced an agreement in principle to acquire Singapore custody firm Propine for an undisclosed amount. Given Propine is regulated by the Monetary Authority of Singapore (MAS), the acquisition requires regulatory approval. Other Komainu investors include entities controlled by Alan Howard (former Brevan Howard CEO) and Galaxy.
Singapore will become a new regional hub for both digital asset custody and other digital asset services that Komainu provides, including collateral management and staking.
“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,” said Paul Frost Smith, Co-CEO at Komainu.
“Asia Pacific is central to Komainu’s heritage and having a strong presence in Singapore will enable us to leverage talent across the region as well as better serve our Asia-based clients in their own time zone.”
Komainu CTO Robert Johnson also noted that the acquisition expands the technology choice, the types of solutions it can offer and the range of assets supported.
The company has various licenses or registrations in Jersey, Dubai, the UK and Italy.
One of the closest competitors to Komainu is Zodia Custody, founded by Standard Chartered and Northern Trust, with SBI Holdings and Australia’s NAB as investors. It also has a strong presence in Asia, particularly Hong Kong and Singapore, where it has applied for a license. Plus, it has a joint venture with SBI for custody in Japan.
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