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.
Sep 23, 2021 at 1:44 a.m. UTC:format(webp)/downloads.coindesk.com/arc/failsafe/placeholders/16x9.png)
Eliza Gkritsi is CoinDesk's crypto mining reporter based in Asia.
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.
UPDATE (SEPT 27, 8:03 UTC) Company changes funding round leader to a partner at DST Global. Originally said led by DST Global.
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Eliza Gkritsi is CoinDesk's crypto mining reporter based in Asia.
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Eliza Gkritsi is CoinDesk's crypto mining reporter based in Asia.
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