Singapore’s Coinhako cryptocurrency exchange has raised an undisclosed sum in a roundtable involving investors such as the SBI-Sygnum-Azimut Digital Asset Opportunity (DAO) fund.
The new funds raised will allow Coinhako to grow its team as it expands across Southeast Asia to serve the region’s fast-growing cryptocurrency user base.
The funds will also accelerate the startup’s acquisition of a broader and deeper customer base in Singapore with Coinhako Privé, its recently launched institutional and high net worth services offering.
SBI, Sygnum and Azimut said they will lend their combined experience and wide-ranging networks through traditional finance and digital assets to support Coinhako’s expansion plans.
“We are excited to have Coinhako as the first investment in the DAO fund. As we continue to invest in major digital asset companies, the fund will provide them with a platform to accelerate their growth by leveraging the strength of our existing and future network. fund portfolio network, “said Alice Mak, director of the DAO fund. .
“Coinhako has significant potential to be a key player in cryptocurrency in Asia and, with the approval of the Singapore Monetary Authority (MAS), will be a trusted node in the digital asset ecosystem. support them as they expand “. said Gerald Goh, general manager of Sygnum Singapore.
New funds shortly after the approval of the main MAS license
Yusho Liu, co-founder and CEO of Coinhako, said the startup is excited to incorporate a new set of strategic investors with a strong presence in Singapore to accelerate its growth plans.
He noted that the company has been able to close its previous fundraisers with prominent foreign venture capitalists, dating back to its 2014 round of angels.
Coinhako recently received a approval of principles of the MAS to offer digital payment card services as a major payment institution. This made Coinhako the first local non-bank cryptocurrency exchange to receive approval.
It is currently working hard over the next few weeks to meet the requirements of MAS to receive the license of the lead payment institution to provide digital payment witness services (DPT) in Singapore.
Featured Image Credit: Coinhako, The Smart Local