Nomura Holdings-backed crypto custodian Komainu is making its first acquisition

Komainu, a cryptocurrency custody company supported by Nomura Holdings, is acquiring its Singaporean competitor, Propine Holdings Pte Ltd., in its first acquisition. Komainu's co-CEO, Paul Frost-Smith, stated in an interview that the acquisition of Propine is awaiting approval from the Monetary Authority of Singapore, and he declined to disclose the price of the acquisition. Frost-Smith also mentioned that Komainu will apply for a Major Payment Institution license in Singapore, which will allow the company to provide comprehensive payment services. He stated that the company sees a growing demand for advisory services from Singaporean private banks and collateral management services from hedge funds and other asset management companies.