Cobo, a Singapore-based crypto asset management platform, has raised $ 40 million Series B to accelerate the development of Decentralized Finance as a Service (DFaaS).
The cycle was co-led by DST Global, A&T Capital and IMO Ventures.
The company will use its proceeds for the development of DeFi infrastructure as a service (DFaaS) and its existing custodial services such as wallet as a service (WaaS), trading and staking as a service (StaaS). ). The funding will also be used to apply for regulatory licenses to ensure strict compliance with relevant anti-money laundering (AML) and anti-terrorist financing (CFT) requirements.
Amid the growing interest in cryptocurrencies among Asian investors, institutional investors and retail investors are looking for diversification options to hedge against inflation and other risks, the company said in its statement. .
“With interest in the crypto revolution skyrocketing across Asia, it is high time to expand blockchain infrastructure to meet growing demand, especially as we see growing enthusiasm among institutions. said the CEO and co-founder of the company Discus Fish, also known as Shixing Mao. “In the past, we saw crypto applications evolve from Bitcoin to DeFi and now to NFTs… Ultimately, this fundraiser brings us one step closer to Cobo’s core vision of empowering 1 billion users to ‘access crypto.
Cobo was founded in 2017 with a mission to bridge the gap between crypto and users, both retail and institutional, to increase blockchain access for all. The founders of Cobo are CEO Discus Fish, the co-founder of F2Pool, and CTO Changhao Jiang, a former platform engineer at Facebook and Google who co-founded the Chinese crypto digital wallet Bihang.
“As blockchain technology and innovation advances, we are seeing a wave of growing institutional demand,” said Jasmine Zhang, A&T Capital partner.
DeFi typically requires professional managers, including fund managers or C-level executives, to interact directly with cryptocurrency lending protocols such as Curve, Compound, Uniswap, and AAVE, the company’s CEO said. Unlike these existing DeFi platforms, Cobo’s DeFi as a Service (DFaaS) allows institutional investor users to enable staff, even computerized robots, to perform trades with various risks, said the CEO of the company at TechCrunch. Low-risk trades can be automated by robots, while high-risk trades such as transferring large sums still require multi-signature confirmations by managers and / or CXOs, he added.
Cobo’s DFaaS infrastructure underpins its multi-signature crypto wallet platform and crypto asset custody services for retail and institutional investors, respectively. Cobo has served over 300 institutional clients including Deribit, F2Pool, BitMart and Pionex through its custodians 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 $ 13 million Series A in October 2018 to enter new international markets.
Cobo supports more than 50 public channels, more than 1,000 tokens and serves a total of 75,000 high net worth people, the company’s CEO said.