Komainu is set to acquire Singapore-based Propine Holdings in its first move to expand its presence in Asia.
Komainu's Deal with Propine
Komainu has announced its intention to acquire Propine, a local Singaporean company specializing in the custody of digital assets. Details of the transaction have not been disclosed.
Significance of Propine's License
Propine holds a Capital Markets Services License from Singapore's Monetary Authority, allowing it to provide institutional custodial services. This is a key factor for Komainu, which also plans to apply for a Major Payment Institution license from MAS.
Komainu's Expansion Strategy
Founded in 2018, Komainu has been actively expanding. The company holds a full operating license from Dubai's Virtual Asset Regulatory Authority and is registered as a custodian wallet provider in the UK by the FCA. After acquiring Propine, the company will continue its operations under the Komainu brand.
The acquisition of Propine marks a strategic move by Komainu to expand its presence in the Asian market and enhance its asset management services.
