Komainu, a crypto custodian backed by Japan's Nomura Group, completed their first acquisition by buying Singapore-based Propine Holdings.

Komainu and Propine Deal

The acquisition of Propine will be the first in a series for Komainu, pending approval from the Monetary Authority of Singapore. Financial specifics of the deal have not been disclosed. In November 2019, Propine was granted conditional licensing by Singapore's regulator following participation in the FinTech Sandbox.

Komainu's Strategic Plans in Asia

Paul Frost-Smith, co-CEO of Komainu, stated that acquiring Propine is vital for business development, providing the company with capital market services licensing in Singapore. Komainu also plans to apply for a Major Payment Institution license in the country and intends to expand into Hong Kong and other digital asset-regulating economies.

History and Context of Komainu

Founded in 2020, Komainu has offered cryptocurrency custody services, including Bitcoin and Ethereum, to institutional clients. Japan remains a key market due to its roots with Nomura. The company continues to explore adaptations and expansions in various countries.

The acquisition of Propine Holdings opens doors for Komainu in the Asian market, providing access to key licenses and expanding market reach.