In 2014 Yusho Liu and Gerry Eng founded Coinhako in Singapore. They joined Adam Draper's Boost VC accelerator, Tribe 4, in California, and Tim Draper invested in the company personally.
In December 2014 the two founders returned to Singapore from the accelerator. Coinhako set out to make buying bitcoin simple for retail users.
In November 2021 Coinhako received in-principle approval from the Monetary Authority of Singapore for a major payment institution licence. In December 2021 the SBI-Sygnum-Azimut Digital Asset Opportunity fund invested, in a round that was three times oversubscribed.
In 2022 the crypto market fell and Singapore tightened rules on marketing crypto to retail users.