Propine Capital, a Singapore-based startup offering a storage facility for blockchain-based digital assets, has secured S$1.6 million (US$1.2 million) in seed funding, led by local cross-border VC firm Decacorn Capital, with co-investment from SGInnovate.

LuneX, the crypto arm of Golden Gate Ventures, Entrepreneur First (EF), MTZ Holdings, Xpanasia, and Chainfund Capital also joined the round.

Founded by Tuhina Singh (CEO) and Wong Liang Zan (CTO), Propine calls itself a full-service custodian for blockchain-based digital assets. The startup claims it makes storing crypto assets safe, reliable and convenient for institutional investors, and services both utility and security tokens. The firm’s offline solution protects against hacks, rogue employees and loss of access keys. Clients can sign transactions securely from any location globally.

Apart from physical safekeeping of private keys, the company also offers several value added services.

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Commenting on this investment, Decacorn’s Founder and Managing Partner Debneel Mukherjee, said: “Our investment in Propine is very timely as the evolution of digital and crypto assets has necessitated independent custodial service, where early movers like Propine is at an inflection point for a big impact on the back of a rapid cross border adoption curve in a nascent life cycle.”

Decacorn Capital is a cross-border venture funding initiative, investing in startups targeting underserved population in Southeast Asia, South Asia and China. MTZ is a private investment firm with a focus on the financial and related sectors.

EF runs full-time programmes that fund the most exceptional technical talent and industry experts to find a co-founder, then helps those teams launch their businesses and raise funding.

Xpanasia is an advisory company specialising in telecommunications and IT companies in Asia Pacific, whereas Chainfund Capital supports the world’s most ambitious blockchain researchers and entrepreneurs.