The cryptocurrency platform will use the funds to develop its decentralized financial product (DeFi) as a service it is working on.
Cryptocurrency activity in the Asian region has been hampered by the crackdown on digital asset platforms and crypto-related entities in Korea and the crackdown on mining companies in China. However, this has not prevented companies from investing in platforms operating in the region. Cobo digital asset management and custody platform, headquartered in Singapore, have found Yesterday it completed a $40 million Series B funding round in an undisclosed valuation.
A&T Capital, IMO Ventures and DST Global led the fundraising process. This follows a $13 million Series A funding round in October 2018 led by DHVC and Wu Capital. The startup revealed that it will direct the capital of this latest funding towards developing a decentralized finance (DeFi) offering, which, according to the company, will be a one-stop shop for institutional investors.
According to the crypto asset management company, the product will give organizations access to DeFi protocols, allowing them to earn returns in a compatible but direct manner. Kubo explained his presentation, adding that institutional clients will not have to deal with the complexities of exposure to DeFi projects.
Cobo, which started as a blockchain infrastructure provider, is working to completely relocate its headquarters from the Chinese capital to Singapore. The company added that a small portion of the funding will be spent on obtaining licenses and approvals for the product to enter the market. Essentially, the financing will help the company comply with applicable directives, particularly in the fight against money laundering.
“With interest in the crypto revolution growing across Asia, it is time to develop the blockchain infrastructure to meet the growing demand, especially as we are seeing increased enthusiasm among enterprises.” noted Mao Shixing, co-founder of Cobo. “In the past, we have seen the development of encryption applications from Bitcoin To DeFi and now to NFT. In time, I anticipate that metering devices will be the next to be developed on the blockchain. Thus, for the future, we have put in place the basic infrastructure that will allow us to serve 1,000 institutional investors. “
Cobo’s offering is the first DeFi as a Service (DaaS) product. The company also offers a variety of services, including safekeeping, trading and trading of cryptocurrencies. Currently, it serves more than 300 institutional clients in the Asia Pacific market. Its clients include crypto-mining group F2Pool, digital asset derivatives trading platform Deribit, and digital asset trading platform BitMart. Since its inception in 2017, it has completed transactions totaling $20 billion and currently has nearly $1 billion in assets in deposit.