According to Golden Finance, Komainu, a cryptocurrency custody company backed by Nomura Holdings, is acquiring its Singapore competitor Propine Holdings Pte Ltd. in its first acquisition. Paul Frost-Smith, co-CEO of Komainu, 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 at which Komainu is acquiring Propine. Frost-Smith also mentioned that Komainu will apply for a so-called 'Major Payment Institution' license in Singapore, which will allow the company to provide comprehensive payment services. He noted that the company has seen growing demand from Singapore private banks for advisory services and from hedge funds and other asset management companies for collateral management services.