Japan's Daiwa takes stake in Singapore cryptocurrency startup

TOKYO – Daiwa Securities Group is partnering with Singapore-based cryptocurrency startup Penguin Securities Holdings to tap into growing interest in the assets among younger and wealthier investors around the world.

Daiwa did not disclose details of its equity partnership in its statement on Monday. But the Japanese financial group apparently invested more than 1 billion yen ($6.65 million) in Penguin in late February for a stake of more than 10%.

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