Komainu to Acquire Custody Firm Propine

Reading Time: < 1 minute

Komainu, a company providing digital asset custody services, has set its sights on acquiring Propine Holdings, the parent company of local custody provider Propine Technologies, based in Singapore.

While the value of the transaction has not been disclosed, Komainu’s CEO has expressed that it may not be the company’s only acquisition.

The sale is subject to approval from the Monetary Authority of Singapore (MAS), as Propine Technologies holds a Capital Markets Services License from MAS for institutional custodial services.

Komainu’s co-CEO, Paul Frost-Smith, emphasized the importance of this license in building his company in an interview with Bloomberg.

Upon completion of the acquisition, Komainu plans to apply for a Major Payment Institution license from MAS. Komainu, which currently focuses on Japan, hopes to expand its presence in Asia.