Nomura Holdings-backed crypto custodian Komainu plans to acquire Propine, awaiting approval from the Monetary Authority of Singapore

Komainu, a cryptocurrency custodian backed by Nomura Holdings Inc., is making its first acquisition of Singapore-based rival Propine Holdings Pte Ltd. The acquisition of Propine, which is awaiting approval from the Monetary Authority of Singapore, could be the first of several acquisitions, Komainu co-CEO Paul Frost-Smith said in an interview. He declined to disclose the specific amount of the acquisition. Frost-Smith said the acquisition of Propine would allow Komainu to obtain a capital markets services license in Singapore, adding that it was “an absolutely critical factor in building the business.” Komainu is accelerating its expansion in Asia, where economies from Singapore to Hong Kong, China and Japan have established regulatory regimes for digital assets in the past few years. It said the acquisition “lays out a licensing platform for the company to grow into the future.” In addition, Komainu will also apply for a “major payment institution” license in Singapore, which will allow the company to fully provide payment services. Frost-Smith said the company is seeing rising demand for advisory services from private banks in Singapore, as well as demand for collateral management services from hedge funds and other asset managers. (Bloomberg)