Cobo a Singapore-based crypto holder and asset management platform. It goes to announce the completion of its US$40 million Series B fundraise.
Additionally, This is to facilitate the rollout of its decentralized finance (DeFi) as a service (DaaS) product.
The Closer Details
The service (DaaS) product, on Cobo custody platform is a one-stop way to assist traditional and crypto financial institutions access and surf DeFi quickly.
Cobo Chief Operating Officer Lily Zhuo expresses in a recent interview. Furthermore, it will also help regulations-compliant without needing to get into DeFi’s technical complexities.
Additionally, Cobo’s DaaS API interface integrates institutional clients and DeFi protocols liks Uniswap, Curve and Compound.
There’s a private key management option with multi-signature and also a multi-layer authorization.
Meanwhile, this will allow institutions to delegate different investment guru to handle different levels of investments activities. While considering the complexity and risks managements. For instance, The fresh capital is for applications of regulatory licenses as Zhuo reveals.
Cobo offers crypto custody, wallet, trading and staking services way from 2017 upon creation.
Cobo Not New To The Game
Additionally, the company boosts with over 300 institutional clients, amounting to more than 85% of the second-tier crypto exchanges in the Asia Pacific region. Through its crypto custody services.
Also, Cobo’s assets under custody are up to US$1 billion as a cumulative transaction volume of US$20 billion. Crypto derivatives trading platform Deribit, crypto mining pool F2Pool and crypto trading platform BitMart are all part of its institutional clients.
DST Global, A&T Capital and IMO Ventures leads Cobo’s Series B fundraise.
Formerly, DHVC and Wu Capital, a family office based in China led its earlier Series A funding in October 2018. It raised US$13 million, and the company targets a bigger grounds for massive fundraise early next year.
Cobo’s founders are not newbies to the crypto industry starting with Cobo CTO Changhao Jiang a former engineer at Facebook and Google who in 2013.
Who later launched Bihang, a cryptocurrency wallet that was later bought by OKCoin. Cobo CEO Discus Fish also co-founded the F2Pool, one of the earliest Bitcoin mining pools.
“This fundraising takes us another step closer to Cobo’s foundational vision of empowering 1 billion users to access crypto,”
said Fish in a statement.
“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.
In the past, we’d witnessed crypto applications evolve from Bitcoin to DeFi and now NFTs. In due time, I even foresee metaverses will be next to be developed on the blockchain.”
So, DeFi’s massive growth and adoption is an inspiration to Cobo’s fundraise and expansion plans for its DaaS institutional offering.
Research firm Blockdata reveals a possible trillion dollars pouring into DeFi industry if the world’s 100 biggest banks makes investment into DeFi.
Disclaimer: The information provided is not trading advice, Bitcoinworld.co.in holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.