Singapore-based cryptocurrency trading platform Coinhako has received backing from the SBI-Sygnum-Azimut Digital Asset Opportunity fund, with the fundraising round being three-times oversubscribed, according to a statement released today.
- The fund is a venture capital fund co-managed by Japan’s SBI Group, Switzerland’s Sygnum Bank — which claims to be the world’s first digital asset bank — and Italy’s Azimut, a major independent asset manager in Europe.
- The companies did not disclose the value of the investment.
- Coinhako will use the proceeds to expand geographically into Southeast Asia, as well as into institutional and high-net-worth customer segments, the statement said.
- Launched in 2014, Coinhako last month said it has received in-principle approval from the Monetary Authority of Singapore for a digital payment token service license — making it the first local native cryptocurrency exchange to announce that it is close to being granted the much-coveted license.
- In Singapore, cryptocurrency exchanges are required to be licensed and supervised under the city-state’s Payment Services Act, primarily for money laundering and terrorism financing risks.