The SBI-Sygnum-Azimut Digital Asset Opportunity (DAO) fund announced that it has made its first investment into Singaporean cryptocurrency platform Coinhako.

Japanese financial group SBI Holdings, Swiss-based digital asset bank Sygnum, and European asset manager Azimut Group had jointly launched the US$75 million fund based in Singapore to invest in startups in the digital asset sector.

The strategic fundraising round was three-times oversubscribed and attracted other prominent institutional investors including SBI Group.

Coinhako will be able to grow its team as it expands across Southeast Asia as well as accelerate its acquisition of a deeper and wider customer base in Singapore with Coinhako Privé, its recently launched institutional and high-net-worth offering.

SBI, Sygnum and Azimut will lend their combined expertise and wide-reaching networks across traditional finance and digital assets to support Coinhako’s expansion plans.

Coinhako recently received an in-principle approval from the Monetary Authority of Singapore (MAS) to provide digital payment token services as a major payment institution.

The DAO fund is already eyeing several other potential investment targets.

Alice Mak, Director of the Digital Asset Opportunity fund said,

“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.”

Yusho Liu, Co-founder and CEO of Coinhako said,

“Coinhako has been able to close our previous fund raises with prominent foreign venture capitalists, dating back to our angel round in 2014.

 

Today, we are excited to onboard a new set of strategic investors with a strong presence in Singapore to accelerate our growth in the financial hub and across the region.”

Featured image: Edited based on photo by Peter Nguyen from Unsplash