Singapore-based Propine, an independent and regulated digital asset custodian, has partnered with Skyhook Capital, the Singapore-headquartered Fintech (software-as-a-service) SaaS platform that offers access to digital securities that may be incorporated within investors’ traditional wealth portfolios.
According to a release shared with Crowdfund Insider, the partnership between Propine and Skyhook Capital will aim to offer better services to institutional investors. Both companies plan to assist businesses with storing their digital assets securely via a “fully compliant” custody service, with “layered governance” and security practices “built in for safe maintenance and delivery.”
According to the terms of the deal, Propine will be extending its digital custodial and lifecycle management and reporting services to Skyhook Capital’s clients whose assets will stay in custody. Propine will also be supporting issuers with services such as the development of smart contracts, token issuance and post issuance administration.
Skyhook Capital’s “Digital Assets Wealth Network” (or Skyhook DAWN) aims to offer the first “total solution” for business integration of digital securities into traditional investment product distribution channels.
As mentioned in the announcement:
“Offered to both sell and buy side institutions as an industry-standard white-labelled SaaS platform, Skyhook DAWN is connected to the global public Corda network, the blockchain of choice for the regulated digital capital markets.”
Tuhina Singh, CEO and Co-Founder of Propine, noted that the partnership is a “natural” fit for both companies and signifies a major step in building and supporting the digital securities ecosystem in Asia.
“As Propine is democratizing access to capital markets by tokenizing capital market products and vehicles to access them, this requires a lot of strategic and meaningful teamwork and collaboration, to revolutionize the capital market into mainstream, within the next few years.”
Singapore is quickly emerging as an international leader in the adoption of digital securities, which is being supported by the city-state’s evolving financial sector and strong connections with the global financial markets, and a progressive regulatory framework for crypto-assets and digital payments.
Lawrence Grinceri, CEO and Founder of Skyhook Capital remarked:
”The collaboration with Propine strengthens our offering in the institutional capital markets significantly by facilitating access to institutional grade custody and asset servicing services, regulated by the Monetary Authority of Singapore.”
He further noted that Skyhook has the ambition to play a key role in the integration of digital securities into various wealth management platforms. He also pointed out that the demand for digital securities by wealth managers (Private and Consumer banks as well as Family Offices and Independent Financial Advisors) is on track to experience rapid growth in the coming years.
He also mentioned that the World Economic Forum had projected that by 2027, 10% of the global GDP will be tokenized — with a market cap of around $24 trillion.