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Custodian Cobo Wallet Closes $40M Series B to Expand Institutional DeFi Offerings
The firm wants to expand its so-called “DeFi as a Service (DaaS)” product.
Singapore-based crypto custodian Cobo Wallet raised $40 million in a Series B funding round led by a partner at DST Global, A&T Capital and IMO Ventures.
- The funds will be used for Cobo’s so-called “DeFi as a Service (DaaS)” product.
- Speaking to CoinDesk, COO Lily Zhuo described the product as a one-stop solution for institutions that want to access decentralized finance investment tools.
- Cobo has served more than 300 institutions and has enabled $20 billion in transactions through its platform, the company said in a press release on Thursday.
- DST Global is one of the world’s biggest venture capital firms. A&T Capital, which is a new VC based in Asia, is backed by a “world-leading fintech giant.” IMO Ventures is a China-focused VC that is active in blockchain and fintech.
- Cobo, which recently moved from Beijing to Singapore, raised $13 million in a Series A round in 2018.
Read more: F2Pool Founder’s Crypto Wallet Startup Raises $13 Million
STORY CONTINUES BELOW
UPDATE (SEPT 27, 8:03 UTC) Company changes funding round leader to a partner at DST Global. Originally said led by DST Global.
Eliza Gkritsi
Eliza Gkritsi is a CoinDesk contributor focused on the intersection of crypto and AI, having previously covered mining for two years. She previously worked at TechNode in Shanghai and has graduated from the London School of Economics, Fudan University, and the University of York. She owns 25 WLD. She tweets as @egreechee.
