Home Cryptocurrencies & Blockchain Singapore-based Cobo raises $40 million Series B round

Singapore-based Cobo raises $40 million Series B round

23.September.2021 – Singapore-based Crypto asset management platform, Cobo announced that it raised an amount of USD 40 Million in Series B round. This funding round was co-led by A&T Capital, IMO Ventures, and DST Capital. 

The funding will be utilized to develop DeFi as a service (DFaaS) infrastructure and its existing custody services such as trading and staking as a service (StaaS), wallet as a service (WaaS).  The funding will also be utilized to guarantee regulatory licenses to the relevant anti-money laundering (AML) and counter the financing of terrorism (CFT) requirements.

The institutional and retail investors in Asia are looking out for a diversification option to hedge against inflation and other risks, as stated by the startup. 

“With interest in the crypto revolution soaring across Asia, it’s high time to expand blockchain infrastructures to meet the rising demand, especially as we’re seeing growing enthusiasm among institutions,” said the company CEO and co-founder “In the past, we’d witness crypto applications evolve from Bitcoin to DeFi and now NFTs … Ultimately, this fundraising takes us another step closer to Cobo’s foundational vision of empowering 1 billion users to access crypto.”

About Cobo – 

Cobo was initiated in 2017 by Changhao Jiang and Shixing Mao. It is on a mission to bridge the gap between users and crypto, for both institutional and retail, for expanding access to blockchain for everyone. 

Cobo’s founders are CEO Discus Fish, the co-founder of F2Pool, and CTO Changhao Jiang, a former platform engineer at Facebook and Google who co-founded Chinese encrypted digital wallet Bihang.

Unlike the other DeFi platforms, Cobo’s service (DFaaS) allows the investors to empower staff, even computerize bots to perform operations of various risks.The Low-risk operations can be automated by computerizing bots whereas high-risk operations like moving large sums still needs confirmations by managers and senior executives. 

Cobo’s DFaaS infrastructure underpins its multi signature crypto wallet platform and crypto asset custodial services for retail and institutional investors, respectively. Cobo has served more than 300 institutional clients, including Deribit, F2Pool, BitMart and Pionex through its custody services such as Cobo Custody and DFaaS with a cumulative transaction volume of $20 billion. Its retail investor clients use Cobo Wallet.

Cobo, which also has offices in Hong Kong and Seattle, raised USD 13 million in Series A in October 2018 to enter new international markets. Cobo supports more than 50 public chains, over 1,000 tokens and serves a total of 75,000 high-net-worth individuals, the company CEO said.

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