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.

 

Also Read:

Decacorn Capital to raise $50m fund, ties up with Chinaccelerator

SGInnovate invests in 3 deep-tech startups, partners four universities

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.