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DST Global, IMO Ventures, and A&T Capital all invested in a $40 million Series B round for Cobo, a Singapore-based crypto asset management and custodial platform.
DST Global Along With Others Participated In A $40 Million Investment For Cobo
Cobo began as a cryptocurrency wallet maker in 2017 and has subsequently grown to provide custodial services to corporate clients such as Bitcoin mining pools and exchanges.
According to co-founder Mao Shixing, revenue is anticipated to more than quadruple to $200 million by 2022, after the 60-person company became profitable last year.
Mao Shixing’s company's goal is to provide software-as-a-service for businesses to access decentralized finance, or DeFi, which may develop to be its main revenue generator.
In October 2018, DHVC and Wu Capital, a Chinese family office, led a $13 million Series A investment for the company.
About Cobo, A Singapore-based Crypto Asset Management Platform
The profits will be used to fund the development of DeFi as a service (DFaaS) infrastructure as well as the expansion of its existing custodial services such as wallet as a service (WaaS), trading, and staking as a service (StaaS).
The funds will also be used to seek regulatory licenses to ensure rigorous compliance with appropriate anti-money laundering (AML) and counter-terrorism financing (CFT) regulations.
As Asian investors' interest in cryptocurrencies grows, institutional and individual investors are looking for diversification alternatives to hedge against inflation and other risks, according to the company's statement.
Cobo was founded in 2017 to bridge the gap between cryptocurrency and users. DeFi generally necessitates direct interaction with Bitcoin lending protocols such as Curve, Compound, Uniswap, and AAVE by professional managers such as fund managers or C-level executives.
Unlike other DeFi systems, Cobo's DFaaS enables institutional investor customers to empower employees, including automated bots, to conduct risky transactions.
In October 2018, Cobo which now has branches in Hong Kong and Seattle secured a $13 million Series A investment to expand into a new international market.
According to the company’s CEO, Cobo supports more than 50 public chains, over 1,000 tokens, and serves 75,000 high-net-worth people.