Cobo, Asia Pacific’s Largest Crypto Custody and Asset Management Platform, Secures US$40 Million Series B Fundraising for DaaS
| [September 23, 2021] |
SINGAPORE, Sept. 23, 2021 /PRNewswire/ — Cobo, Asia Pacific’s largest crypto asset management and custodian platform and the all-in-one blockchain technology infrastructure provider, today announced the completion of its US$40 million Series B fundraising, led by DST Global, A&T Capital and IMO Ventures.
The Singapore-based firm has earmarked the funds for advancing the development of the world’s first DeFi as a service (DaaS) infrastructure, adding to its existing offerings of Custody, wallet as a service (WaaS), trading and staking as a service (StaaS). The new service allows institutions and their customers to access DeFi protocols safely, quickly, and compliantly, via user-friendly interfaces. As such, institutions do not need to learn the complexities of DeFi while benefiting from access to multiple prominent DeFi smart contracts. In addition, Cobo will be using the capital raised to proactively apply for regulatory licenses, with its dedication of ensuring strict compliance to the relevant anti-money laundering (AML) and countering the financing of terrorism (CFT) requirements.
Cobo’s DaaS infrastructure underpins its multi-signature crypto wallet platform and crypto asset custodial services for retail and institutional investors, respectively. To date, Cobo has served more than 300 institutions cumulatively through its one-stop Custody services, which covers more than 85 percent of APAC’s second-tier crypto exchanges. The firm has booked a cumulative transaction volume of US$20 billion. Cobo’s institutional clients include Deribit, F2Pool, BitMart, and Pionex.
“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 forese metaverses will be next to be developed on the blockchain. So, looking ahead, we have the foundational infrastructure in place that will enable us to serve 1,000 institutional investors to cement our position as APAC’s largest crypto Custody and asset management services provider. Ultimately, this fundraising takes us another step closer to Cobo’s foundational vision of empowering 1 billion users to access crypto,” said Discus Fish, CEO and co-founder of Cobo.
Cobo plays a key role in the crypto ecosystem as a trusted blockchain infrastructure developer. In particular, the firm is reputed among its high-net-worth and institutional clients for its superb standard when it comes to security, its expertise in on-chain data analysis, its world-leading compliance approach, and the reliable and consistent service of its platforms. Cobo prides itself on growing with its clients, from small miners to big players, as well as its low client turnover, low cost of attracting new clients, and its clients’ growing investments across its platforms.
With a founding mission to bridge the gap between crypto and users, both retail and institutional, Cobo’s stated purpose is to increase access to blockchain for all. Recent milestones on this mission include the opening of Cobo’s Singapore headquarters, in a move to serve more clients in the region, and attract skilled professionals to the firm’s growing team.
“As blockchain technology and innovation advances, we are observing a wave of increasing institutional demand. We are confident in what Cobo is seeking to deliver to the market. Cobo’s Custody and asset management solution provide a great product-market fit,” said Jasmine Zhang, partner of A&T Capital, which recently successfully completed its first closing of a US$100 million blockchain venture capital fund.
Amid the growing enthusiasm for cryptocurrencies among Asian investors, high-net-worth and institutional investors are seeking diversification options to hedge against inflation and other risks. Such investors come with high compliance and security standards, and Cobo has been setting the bar since its inception. In particular, the firm’s custodial services are prized for leading convenience, reliability, security, and compliance.
Cobo secured its $13 million Series A fundraising in October 2018. The firm used the funds to accelerate its global expansion, entering a number of new international markets. The Series A fundraising was led by DHVC and Wu Capital, a family office based in China.
About Cobo
Founded in 2017, Cobo is an all-in-one blockchain technology infrastructure provider, which includes Cobo Wallet, its flagship software wallet; Cobo Custody, its crypto custodial service that also includes Loop Network and the Cobo Custody WaaS. Among its underpinning first-layer infrastructure, which covers wallet as a service (WaaS), trading, staking as a service (StaaS), and a multi-signatory decentralized finance (DeFi) platform, is the new addition of DaaS, which is specifically catering to the needs of institutional clients. Cobo is co-founded by CTO Changhao Jiang, a former platform engineer at Facebook and Google, and CEO Discus Fish, who previously co-founded F2Pool.
Cobo is headquartered in Singapore, with offices in Hong Kong and Seattle. For more information, please visit http://cobo.com.
Cobo Global Ltd. provides cryptocurrency related services for retail and institutional customers. Cobo may not make its products and services available in all states and other jurisdictions pending necessary regulatory approvals. Please refer to our Customer Support page for details on the jurisdictions in which our products and services are currently available.
SOURCE Cobo
Text source: MCC.EXCHANGE
