SG blockchain startup Propine raises $1.6m seed round led by Decacorn Capital

[From L to R] Manon Lecuyer (Analyst, Decacorn), Louis Low (Analyst, Decacorn), Benny Chng (Senior Manager, SGInnovate), Kenrick Drijkoningen (Founding Partner, LuneX), Abhijit Banerjee (Managing Director, Decacorn), Heng Soon Pang (Head – Venture Building, SGInnovate,), Tuhina Singh (CEO, Propine), Mervin Soh (CISO, Propine), Tushar Aggarwal (Principal, LuneX)

Singapore-based blockchain startup Propine Capital on Friday announced that it has raised $1.6 million in a seed funding round led by Decacorn Capital.

The round was joined by SGInnovate, LuneX Ventures, Entrepreneur First, MTZ Holdings, Xpanasia and Chainfund Capital, a Propine statement said. 

Propine Capital claims its solutions make storing crypto assets safe, reliable and convenient for institutional investors. Its service accommodates both utility and security tokens.

“Our investment in Propine is very timely as the evolution of digital and crypto assets has necessitated independent custodial service where early movers like Propine are at an inflection point for a big impact on the back of a rapid cross-border adoption curve in a nascent life cycle,” said Decacorn Capital founder and managing partner Debneel Mukherjee.

Propine Capital was founded by Tuhina Singh, a former BNP Paribas banker, and National University of Singapore alum Wong Liang Zan.

“We were amazed at the speed with which the Decacorn team worked with us in closing the deal, making Propine the first in the Entrepreneur First’s third batch cohort to close their funding round. We look forward to tap on the cross border reach of Decacorn and the expertise of our strategic investors SGi, LuneX and Chainfund as we embark on scaling rapidly to become the Gold Standard for crypto custody in Asia,” the statement quoted the Propine Capital co-founders as saying.

 

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