PANews reported on June 20 that according to DL News, Paul Frost Smith, CEO of crypto custody agency Komainu, said that he is actively seeking global acquisition opportunities to expand his business and transform into a "leading digital asset service provider outside the United States." The company, a joint venture between Nomura Securities, CoinShares and Ledger, currently has over $10 billion in custody assets after completing a $75 million Series B financing in January.

The company plans to fully expand into Singapore and Japan in the next 6-9 months, and the number of employees is expected to expand to 120 by the end of the year. For the European market, Komainu is applying for a MiCA license, but the proposed strict regulation in the UK may force the company to withdraw from the market. Frost Smith warned that excessive regulation may force "conservative and robust operators" to withdraw.