NEM Group has integrated with end-to-end securities services firm Propine, who will provide full custody and issuance support for the highly anticipated Symbol platform.
NEM Group supports the development of Symbol from NEM, an enterprise blockchain that smooths business friction, increasing the flow of data and innovation to supercharge the creation, exchange and protection of assets. Symbol is the next-generation enterprise-grade blockchain solution from NEM, purpose-built to help businesses cut costs, reduce complexities, and streamline innovation. Symbol provides a platform for new business models and innovation, bringing together developers, and enabling countless possibilities for blockchain.
Established in 2018 and admitted into the Monetary Authority of Singapore (MAS)’s regulatory sandbox since 2019, Propine claims to be the first end-to-end securities services firm built for digital securities from the ground up, serving the needs of institutional clients. The firm has been granted the first Capital Market Services license to provide independent digital asset custody services.
The partnership between NEM and Propine will enable users to issue, manage and customize security tokens on Symbol. Users will be able to take advantage of Propine’s fully compliant custody services to ensure safe token maintenance and delivery. The platform will also facilitate trade pre-trade checks and post-trade processing to ensure settlement is facilitated in an efficient and secure manner. As a full end-to-end securities service, Propine’s user-friendly investor dashboard will also provide security token holders with reporting and analytics capabilities.
“With the launch of Symbol coming up, we were on the lookout for a partner that could provide a digital asset custody solution that is both regulatorily sound and efficient,” said Dave Hodgson, Chief Investment Officer of NEM Group and Managing Director of NEM Ventures. “Propine’s flexible and robust platform supports the issuance of regulated digital assets, such as security tokens, for various purposes. Propine’s status in the Singapore regulatory environment is very strong and allows for global coverage. Propine’s work with other chains already allowing us to collaborate in a positive way with other ecosystem parties, and we are aligned in our vision to forward the digital asset ecosystem.”
“Propine is democratizing access to capital markets by tokenizing capital market products and vehicles to access them,” said Tuhina Singh, CEO and Founder of Propine. “Our partnership with NEM is forged on this common vision. Symbol is specifically created for security tokens, with their requirements around governance and compliance at the forefront. Together, we look forward to providing our clients with innovative issuance and custody solutions, thereby, strengthening the digital securities ecosystem.”
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