Singapore-based crypto asset management platform Cobo has recently raised around $40 million in a fresh funding round to accelerate the development of decentralised finance as a service (DFaaS), media reports said. The funding round for Cobo was led by DST Global, A&T Capital and IMO Ventures.
Cobo chief executive and co-founder Shixing Mao told the media, “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.”
Besides using the funds for the development of DeFi as a service (DFaaS) infrastructure, Cobo will also use the proceeds to further develop its existing custody services such as wallet as a service (WaaS), trading and staking as a service (StaaS).
A portion of it will also be used to apply for regulatory licenses to ensure strict compliance to the relevant anti-money laundering (AML) and counter the financing of terrorism (CFT) requirements.
Previously, Cobo raised around $13 million in its Series A funding round back in October 2018. The funding round was led by DHVC. Cobo was founded in 2017 by Jiang Changhao and Mao Shixing with a mission to bridge the gap between retail and institutional crypto investors and to increase access to blockchain for all.