The acquisition of its competitor will net Komainu a Singapore Capital Markets Services License and hope for a Major Payment Institution license in the future.
Digital asset custody provider Komainu has targeted Singapore’s Propine Holdings, the parent company of local custody provider Propine Technologies, for acquisition. The value of the transaction was not disclosed.
If the sale is approved it will be Komainu’s first acquisition, but probably not its last, its CEO said.
The sale of Propine to Komainu requires approval from the Monetary Authority of Singapore (MAS). Propine Technologies holds a Capital Markets Services License issued by MAS to provide institutional custodial services, which Komainu co-CEO Paul Frost-Smith called “an absolutely key factor in building” Komainu in an interview with Bloomberg.