Cobo Raises $40M Series B for Crypto Asset Management

Cobo Secures $40 Million in Series B Funding

Cobo, a crypto asset management platform headquartered in Singapore, has successfully completed a $40 million Series B funding round. This investment is earmarked to accelerate the development of decentralized finance as a service (DFaaS) solutions.

Round Leadership and Investment Details

The funding round was jointly led by prominent investment firms including DST Global, A&T Capital, and IMO Ventures.

Strategic Allocation of Funds

The capital raised will be strategically deployed to enhance Cobo’s DFaaS infrastructure. Further investment will also be directed towards bolstering existing custody services, specifically wallet as a service (WaaS), trading as a service, and staking as a service (StaaS).

A key priority is securing necessary regulatory licenses. This will ensure full adherence to stringent anti-money laundering (AML) and counter-terrorism financing (CFT) regulations.

Growing Demand in the Asian Market

The company notes a significant surge in cryptocurrency interest among both Asian retail and institutional investors. These investors are actively seeking diversification strategies to mitigate risks like inflation.

CEO Statement on Expansion

“As the crypto revolution gains momentum throughout Asia, expanding blockchain infrastructures to meet escalating demand is crucial,” stated Discus Fish, CEO and co-founder of Cobo, also known as Shixing Mao. “We are witnessing increasing institutional enthusiasm, and this funding brings us closer to our vision of enabling one billion users to access crypto.”

Company Background and Founding Principles

Founded in 2017, Cobo’s core mission is to simplify access to blockchain technology for both individual and institutional users. The company aims to bridge the gap between the complexities of crypto and its widespread adoption.

Cobo’s leadership includes CEO Discus Fish, previously a co-founder of F2Pool, and CTO Changhao Jiang, a former platform engineer at Facebook and Google, and also a co-founder of the Bihang encrypted digital wallet.

Investor Perspective on Institutional Demand

Jasmine Zhang, partner at A&T Capital, commented, “We are observing a growing wave of institutional demand as blockchain technology and innovation continue to advance.”

DFaaS: Streamlining DeFi for Institutions

Traditionally, engaging with DeFi protocols like Curve, Compound, Uniswap, and AAVE requires direct interaction from professional fund managers and C-level executives. Cobo’s DFaaS solution aims to change this.

According to the CEO, Cobo’s DFaaS empowers institutional users to delegate operations to staff, including automated bots, while managing various risk levels. Lower-risk tasks can be fully automated, while high-risk transactions, such as large fund transfers, will still require multisignature authorization from managers or CXOs.

Cobo’s Infrastructure and Client Base

Cobo’s DFaaS infrastructure supports its multisignature crypto wallet platform and custodial services for both retail and institutional clients. The company currently serves over 300 institutional clients, including Deribit, F2Pool, BitMart, and Pionex.

Through services like Cobo Custody and DFaaS, the company has processed a cumulative transaction volume exceeding $20 billion. Individual investors utilize the Cobo Wallet platform.

Previous Funding and Global Presence

Cobo previously secured a $13 million Series A round in October 2018, which facilitated its expansion into new international markets.

The company maintains offices in Singapore, Hong Kong, and Seattle.

Supported Chains and User Numbers

Cobo currently supports more than 50 public blockchains and over 1,000 different tokens. The platform serves a total of 75,000 high-net-worth individuals, as stated by the CEO.