Cobo, a crypto asset management platform based in Singapore, has raised a $40 Million Series B to help accelerate the development decentralized finance as a Service (DFaaS).
DST Global, A&T Capital, and IMO Ventures co-led the round.
It will use the proceeds to develop DeFi as a Service (DFaaS), its existing custody services, such as wallet as a Service (WaaS), trading, and staking (StaaS). To ensure compliance with anti-money laundering and counter the financing terrorist (CFT) regulations, the funding will be used to obtain regulatory licenses.
The company stated that despite the increasing interest in cryptocurrencies from Asian investors, both institutional and retail investors are looking for diversification options to protect against inflation.
As interest in the cryptocurrency revolution is soaring throughout Asia, it's high time to expand blockchain infrastructures, particularly as we are seeing growing enthusiasm among institutions. We have seen crypto applications change from Bitcoin to DeFi to NFTs in the past. This fundraising brings us closer to Cobos' foundational vision to empower 1 billion people to access crypto.
Cobo was established in 2017 with the mission of bridging the gap between users and crypto, both institutional and retail, to increase access to blockchain for everyone. Cobos founders include CEO Discus Fish (co-founder of F2Pool) and CTO Changhao Jiang (an ex-platform engineer at Facebook and Google, who co-founded the Chinese encrypted digital wallet Bihang).
Jasmine Zhang, A&T Capital partner, stated that as blockchain technology and innovation advance, we are seeing an increase in institutional demand.
The company CEO stated that DeFi requires professionals, such as fund managers, or executives at the top, to interact with crypto lending protocols like Curve and Uniswap, Compound, Uniswap, Uniswap, and AAVE. Cobos DeFi as a Service (DFaaS), unlike other DeFi platforms, allows institutional investors to empower staff to carry out operations with various risks. TechCrunch was told by the CEO of the company. He said that bots can automate low-risk operations, while high-risk operations, such as large amounts of money moving, still require confirmations from managers and/or CXOs.
Cobos DFaaS infrastructure is the backbone of its multisignature crypto wallet platform, and crypto asset custodial service for institutional and retail investors. Cobo serves more than 300 institutional clients including Deribit and F2Pol as well as BitMart, BitMart, and Pionex via its custody services, such as Cobo Custody, and DFaaS, which have a total transaction volume of $20 Billion. Cobo Wallet is used by its retail investor clients.
Cobo, with offices in Hong Kong, Seattle and Tokyo, raised $13 million in Series A funding in October 2018 in order to expand internationally.
The CEO of Cobo stated that the company supports more than 50 public chains and over 1,000 tokens, and serves 75,000 high-net worth individuals.
