NEM Ventures Invests in Propine, An End to End Digital Securities Services Firm

Building on our existing partnership, NEM Ventures is pleased to announce its USD $175,000 investment in Propine, which offers a full suite of security token management and customization services on multiple chains and will support Symbol at or close to launch.

Security token issuers on Symbol will benefit from Propine’s compliant end-to-end solution, including custody, issuance, asset servicing, reporting and the facilitation of trade settlement. Propine has already completed integration of Symbol onto their platform.

NEM and Propine have built a strong relationship over the past 9 months, initially introduced by Wave Financial Group - another NEM Ventures portfolio company. This investment is of particular excitement for the NEM ecosystem as the next step in our collaboration, enabling regulated digital assets to be issued on Symbol in a fully compliant manner, under Singapore law. The tactical investment allows us to leverage the regional presence of Propine, which was the first to be granted a Capital Market Services licence in Singapore, to provide a suite of independent digital asset custody services.

The company is already revenue generating and is planning on issuing several assets in 2021, including the Wave Financial Kentucky Whisky Fund, which recently won a regional award at Hong Kong Blockchain week for its Best in Class Asset Backed Token.

Through a veteran team consisting of bankers, cybersecurity specialists, compliance lawyers and blockchain engineers, users will be able to take advantage of Propine’s fully compliant custody services to ensure safe token maintenance and delivery. They are the only digital asset custodian in the world to be accorded the ISO 27001 certification. The platform will also facilitate pre-trade checks and post-trade processing to ensure settlement is facilitated in an efficient and secure manner. As well, Propine’s user-friendly investor dashboard also provides security token holders with reporting and analytics capabilities.

Propine was founded in 2018 by Tuhina Singh, with 16 years of market making and derivatives trading experience, and Wong Liang Zan, who has over 13 years of experience in building scalable enterprise software solutions with high performing teams and two successful exits. Setting the foundation and the precedence for NEM tokens to be issued and custodied on Propine paves the way for other projects to use Symbol as the preferred blockchain for tokenization - we look forward to strengthening our collaboration!