Cobo, a Beijing-based crypto wallet startup, has closed a $13 million Series A funding round in its bid to expand its services overseas. The company announced the up-to-date equity financing which is backed by Danhua Venture Capital, the NEO Foundation and Wu Capital, a China-based family office and limited partner in funds shaped by investment firms like Sequoia China.
Led by DHVC and Wu Capital and launched in November 2017, Cobo was founded by Mao Shixing, a.k.a Discus Fish in the Chinese crypto community, and a former Google and Facebook engineer named Jiang Changhao, whose preceding crypto wallet startup Bihang was developed by OKCoin in 2013. Cobo has industrialized two main products that are a multi-asset software wallet and a military-grade hardware wallet. The new funding round brings entire investment in the company to $20 million to date. Cobo plans to expand in the U.S. and numerous Southeast Asia markets, mainly Vietnam and Indonesia.
Cobo, which now has about 60 people on staff, stated that the crypto wallet service has been able to accumulate around 500,000 users and 80 percent of whom come from China because the app went live at the start of 2018. Cobo has already been supporting more than 30 major cryptocurrencies and 500 tokens. It also features manifold layers of security that contains two-factor authentication, hot-cold servers and hardware security module encryption, as stated in Techcrunch.
Bitcoin News recently reported that, as per Judy Yan, managing director of DHVC Cobo’s exclusive method redefines the idea of crypto asset administration and makes new prospects for investors. The team influences their widespread blockchain experience to help protect users’ assets while also generating returns for their benefit.
As per the firm, the new crypto wallet funding comes after Cobo raised a total of $7 million in a seed round in October 2018 and also a pre-A round in December 2017.[The views and opinions expressed in this article are those of the authors and do not necessarily reflect the views and/or the official policy of the website. ]