In a significant milestone for the crypto industry, Komainu, a renowned digital asset custody service provider tailored to institutional clients, announced today that it had been granted a fully-fledged operating license by Dubai’s Virtual Asset Regulatory Authority (VARA). This significant achievement comes after the firm secured its Minimum Viable Product (MVP) license in November of the previous year.
Notable players in the crypto exchange domain, such as Binance, Bybit, Laser Digital Middle East, BitOasis (currently suspended), OKX, Crypto.com, FTX (license revoked), and Huobi, have previously attained similar operational status under VARA.
Komainu’s Commitment to Institutional Crypto Services
In a strategic move to expand its offerings, Komainu unveiled a key partnership last month with Figment, a leading staking infrastructure provider. This collaboration enables institutional investors, including asset managers, family offices, hedge funds, and pension funds, to reap protocol staking rewards primarily on the Solana and Polkadot networks.
Meanwhile, their digital assets will remain securely held within Komainu’s custody solution. Notably, Komainu clients will continue to maintain control over their staked assets even while in custody, thanks to Figment’s provision of a non-custodial staking service.
Komainu’s newly acquired full operating license from VARA is a pivotal achievement that grants the company the authority to offer its comprehensive array of custody services. These services encompass institutional staking and collateral management through the Komainu Connect platform, thereby allowing the company to cater to clients based in the Emirate.
Situated in Dubai, Komainu MEA FZE, the company’s local presence, underscores its commitment to building a robust organizational presence to fulfill its objectives in the region. Speaking about the strategic move, Sebastian Widmann, Komainu’s Head of Strategy, highlighted the immense prospects for business growth in Dubai’s thriving digital asset ecosystem.
Widmann emphasized:
Dubai has a vibrant digital asset ecosystem and impressive talent pool, and we are proud to contribute to the growth of this innovative financial hub. Our presence and desirable regulatory status in the region marks another differentiator for us as we execute the next phase of our business.”
Komainu’s latest achievement represents a significant step forward in the institution’s journey to becoming a prominent player in the crypto custody and institutional services arena, as it aligns with Dubai’s broader vision for the digital asset industry’s growth and development.
Related Reading | Crypto Market Sentiment Dips: $55M Outflows Amid SEC ETF Uncertainty