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.

AccessTimeIconSep 23, 2021 at 1:44 a.m. UTC
Updated May 9, 2023 at 3:25 a.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

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.


Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk offers all employees above a certain salary threshold, including journalists, stock options in the Bullish group as part of their compensation.

Eliza Gkritsi

Eliza Gkritsi is a CoinDesk contributor focused on the intersection of crypto and AI.


Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.