Singapore blockchain company Propine announced the completion of the seed round of financing a $120 million, led Party voted for the local Vc firm Decacorn Capital, jointly led Party voted for the government of Singapore’s Startup SG Equity project launched the high-tech risk investment support agency SGInnovate. In addition, the current round of financing investment parameters included investment fund LuneX, Golden encryption Gate Ventures’s Entrepreneur First, MTZ Holdings, Xpanasia, Chainfund and Capital.
Based on digital asset blockchain, Propine plays a role of the trustee, the offline solution allows customers to safely licensing transactions in any place, to avoid hackers or malicious attackers to steal assets.
Block chain is not “black”, but the use of the blockchain will be “black”
Now, more and more people and organizations with encryption from the traditional currency, banks and financial institutions, Asset Management Co, exchange, and even family office. It is worth mentioning that, Propine also provides services for those who raise funds through the sale of tokens for startups, and hosting fees charged according to a certain proportion of assets management.
Co founder and CEO of Tuhina Singh Propine was a computer engineer, and worked for 16 years in the bank, with stocks and bonds, currencies and other financial derivatives trading services to many financial institutions including Bank of Paris, france. Another of the company’s co-founder and chief technology officer Wong Liang Zan has more than 13 years of working experience in enterprise software development field.
From the safety point of view
Although blockchain technology itself has high security features, but a series of recent hacking incidents show that to the center of the assets are still facing serious security threats. The first half of this year alone, there are more than $1 billion 100 million worth of money stolen by hackers encryption, it also makes a lot of asset management personnel to consider to entrust their money to a professional hosting party encryption. Tuhina Singh said:
“When we talk about the blockchain hackers, actually does not specifically refer to the blockchain itself. In fact, the blockchain will not be hacked, because its original design is safe and unshakable, but using the block chain of people can be attacked, this is their main reason for missing encryption assets, people be negligent or not fully understand how to protect their own passwords and private keys, caused by phishing, or by invading other means of attack, resulting in the loss of assets.”
At present there are more than 25 kinds of common storage block Chain Wallet no agreement
On the other hand, such as Propine for third party encryption asset custodian also has regulatory requirements, because financial institutions regulated by regulatory agencies usually do not allow their customers to hold their own assets. However, the blockchain height to the center, and other similar features make Propine service providers have “the opportunity”.
Tuhina Singh added:
Currently on the market there are at least 25 block chain protocol cannot be used to store the general purse, it also increases the user assets security management difficulty.”
In fact, the recent encryption assets hosting industry development speed is very fast, so Propine also need to face a lot of competition, some of which are very powerful competitors, such as BitGo, Coinbase, and well-known encryption currency exchange currency wallet encryption service provider Lobstr. Not only that, traditional financial institutions including Citibank also launched encryption asset custody service.
And the advantage of Propine, they are the first to provide full function encryption solutions, and currency managed to focus on the Asian market company. Moreover, the Propine solution can support public type token and security tokens, in addition to providing strong security features, the company will provide equity holders for tokens (equity) return. Tuhina Singh said at last:
“We are fully compliance, and meet the audit requirements, and provide a number of value-added services for customers, such as integrated fund management services, enterprise management, tracking behavior token issuer plan, information announcement, and token authorization, benefits and rights holders.”