SGX licenses bitcoin index to Propine

Propine is the first MAS-licensed digital asset custodian.

The Singapore Exchange (SGX) is licensing its iEdge Bitcoin Index to Propine, a Bitcoin ETF service provider and the first licensed digital asset custodian by the Monetary Authority of Singapore.

Originally developed in collaboration with UK-based CryptoCompare, the iEdge Bitcoin Index was released amidst strong market demand and has also continued to receive strong interest from market stakeholders since its launch. 

“As enthusiasm in index-linked passive investing continues to grow, investors’ demand for access to emerging and big market themes in a low-cost and efficient manner is on the rise. We are therefore delighted to be partnering with Propine, as it sees increasing market interest for this digital asset,” said Managing Director and Head of Data Ng Kin Yee of Connectivity and Indices, SGX.

Tuhina Singh, CEO of Propine, also described the move as a major step for the region’s asset managers and investors interested in Bitcoin.