Singapore’s cryptocurrency exchange Coinhako has raised an undisclosed sum in a round that saw participation from investors such as the SBI-Sygnum-Azimut Digital Asset Opportunity (DAO) fund.
The new funds raised will enable Coinhako to grow its team as it expands across Southeast Asia to serve the region’s rapidly growing cryptocurrency user base.
The funds will also accelerate the startup’s acquisition of a deeper and wider customer base in Singapore with Coinhako Privé, its recently launched institutional and high-net-worth service offering.
SBI, Sygnum, and Azimut, said they will lend their combined expertise and wide-reaching networks across traditional finance and digital assets to support Coinhako’s expansion plans.
“We are excited to have Coinhako as the first investment of the DAO fund. As we continue to invest in top digital asset companies, the fund will provide them with a platform to accelerate their growth by leveraging the strength of our existing network and the future network of the fund’s portfolio,” said Alice Mak, director of the DAO fund.
“Coinhako shows significant potential to be a key cryptocurrency player in Asia, and with the approval from the Monetary Authority of Singapore (MAS) will be a trusted node in the digital asset ecosystem. We look forward to supporting them as they expand.” said Gerald Goh, Singapore CEO of Sygnum.
Fresh funds shortly after in-principal licence approval from MAS
Yusho Liu, co-founder and CEO of Coinhako said that the startup is excited to onboard a new set of strategic investors with a strong presence in Singapore to accelerate its growth plans.
He noted that the firm has been able to close its previous fund raises with prominent foreign venture capitalists, dating back to its angel round in 2014.
Coinhako recently received an in-principle approval from the MAS to provide digital payment token services as a major payment institution. That made Coinhako the first local non-bank crypto exchange to receive approval.
It is currently working hard over the coming weeks to meet MAS’ requirements to receive the Major Payment Institution licence to provide digital payment token (DPT) services in Singapore.
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Featured Image Credit: Coinhako, The Smart Local