News23 September 2021

Crypto Asset Management Protocol Cobo Raises $40 Million Towards DeFi Expansion

Cobo Raises $40 Million Towards DeFi Expansion

Summary

  • Cobo has announced the closing of a successful series B funding
  • The funding round raised $40 million
  • DST Global, A&T Capital, and IMO Ventures led the funding round

Cobo, a crypto custodian with headquarters in Asia, has announced a successful series B funding round that raised $40 million. In an announcement made today, Thursday, this funding round was led by DST Global, A&T Capital, and IMO Ventures. This funding round comes nearly three years after the custodian raised $13 million in a Series A funding round in 2018.

With these funds, Cobo will advance its DeFi services to include a new offering that will allow its clients to earn yields and access other DeFi services over a user-friendly interface. Cobo also said that part of the funding would go towards applying for regulatory licenses following the transition of its headquarters to Singapore from Beijing over the last few years.

“With interest in the crypto revolution soaring across Asia, it’s high time to expand blockchain infrastructures to meet the rising demand, especially as we’re seeing growing enthusiasm among institutions. In the past, we’d witness crypto applications evolve from Bitcoin to DeFi and now NFTs … Ultimately, this fundraising takes us another step closer to Cobo’s foundational vision of empowering 1 billion users to access crypto.” said the company CEO and co-founder Shixing Mao.

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