Crypto Wallet Cobo Raises $40 Million to Launch New Offering
- The round was led by DST Global, A&T Capital, and IMO Ventures.
- Cobo will use the investment to expand its DeFi-as-a-Service (DaaS) offering.
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Cobo, a Singapore-based crypto asset management and custody platform, has completed a Series B funding round raising $40 million. According to an announcement from the company, the round was led by DST Global and included participation from A&T Capital and IMO Ventures.
Founded in 2017 as a cryptocurrency wallet, Cobo expanded to offer custodial services to corporate clients such as Bitcoin mining pools and exchanges after raising $13 million in a Series A round in 2018. So far, Cobo has served over 300 institutions through its one-stop custodial service, covering over 85% of the second-tier crypto exchanges in the Asia Pacific region. With a cumulative transaction volume of over $20 billion, Cobo’s institutional clients include Deribit, F2Pool, BitMart, Pionex, and others.
The company will use the new funds to refine its DeFi-as-a-Service (DaaS) offering aimed at providing global institutions with secure, fast, and compliant access to the world of DeFi. To that end, Cobo will also apply for regulatory licenses to meet the anti-money laundering (AML) and counter-financing of terrorism (CFT) compliance regulations in various markets.
- The bankrupt crypto lender has agreed on a settlement with its Series B holders on how to distribute the $25 million from the sale of self-custody platform GK8.
- The majority of funds, $24 million, will be allocated for legal expenses, while the remaining $1 million will be distributed between the Series B holders.
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- The Algorand wallet provider has warned users to withdraw their assets from mnemonic wallets after an attacker targeted a group of “high-profile MyAlgo accounts”.
- The root cause of the attacks remains unknown, with MyAlgo still investigating the issue, but reports have indicated that close to $9M were stolen so far.
- Multiple people took to Twitter on Wednesday to report funds being drain from their Solana-based wallets, including Phantom, Slope, and TrustWallet.
- Although it is a widespread Solana exploit, with around 8,000 wallets being compromised, its root cause remains unknown.