Technology

Cobo Raises $ 40 Million to Convert 1,000 Institutions to DeFi

DeFi, This Blessed Market – In 2018, crypto wallet Cobo, created by the founder of F2Pool, had already raised $ 13 million from NEO and DHVC to extend its influence, in particular with the proposal of a cold wallet. Today Cobo is backing and raising another $ 40 million to expand into DeFi.

Cobo: “closing the gap between cryptocurrencies and users”

Despite a blanket ban in China and a crackdown on exchanges in Korea, Asia remains an important hotbed for cryptocurrency investments. Cobo is an Asia-based cryptocurrency and asset management company. The company just raised $ 40 million to promote institutions’ access to DeFi products.

Investors from Asia and the Pacific are looking for secure access to this growing market. Therefore, the capital will be used to acquire licenses and ensure that anti-money laundering guidelines are followed on all products offered.

“In the past, we have seen the evolution of crypto applications from Bitcoin to DeFi, and now to NFT. In due course, I even predict that metaverses will be the next to develop on the blockchain. Looking ahead, we have the basic infrastructure that will allow us to serve 1,000 institutional investors. “

Shixing “Discus Fish” Mao, founder and CEO of Cobo

Cobo tries to be true to its slogan “Bridging the gap between cryptocurrencies and users.” As a result, the company explains that its goal was to offer institutions more secure exposure to DeFi smart contracts, without needing to understand the complexities of the market.

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Thinning in Storm Evergrande?

The investment round, led by DST Global, A&T Capital and IMO Ventures, builds on a successful fundraiser that generated $ 13 million for Cobo in October 2018. As a reminder, the Singapore-based company was founded in 2017 as a complete blockchain infrastructure provider. .

Cobo CEO Shixing “Discus Fish” Mao said that the new DeFi as a Service (DaaS) infrastructure is being developed at a time of growing demand for cryptoassets in Asia. Despite the blanket ban on cryptocurrency trading and mining in China, Asia is home to several extremely dynamic crypto markets, including Japan, Korea, and most recently Vietnam. In the more advanced Asian markets, cryptocurrencies are considered an asset class like any other.

Cobo primarily serves institutional investors in the Asia Pacific region. Currently, its clients include more than 300 institutional investors, again underlining the demand for cryptoassets in the region.

On September 22, Evergrande was reported to have “solved” its payment problem, alleviating some of the pressure to sell risky assets, such as stocks and cryptocurrencies. Either way, crypto assets and traditional assets have seen extreme volatility in recent days on fears that Chinese real estate developer Evergrande will default.

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