Crypto firm Cobo scores $40m Series B to develop DeFi platform

Singaporean FinTech firm Cobo has raised $40m from a Series B funding round to develop what it claims is the first ever DeFi-as-a-service platform.

The funding round was led by investment firms DST Global, A&T Capital and IMO Ventures.

Founded in 2017, Cobo is a wallet company that supports over thirty different coins, 700 tokens and an integrate DApp store along the way.

The company claims it emphasises long-term security, reliability and convenience, and it states that its key products reflect that vision. Cobo markets a mobile wallet, high-end cold storage wallet and custodial services for institutional investors.

According to Cobo, the new DeFi platform will enable users to access DeFi protocols via an accessible interface without having to master the ins and outs of decentralised finance. The firm added the DaaS offering will complement Cobo’s existing services.

Cobo said that the recently raised capital will help it apply for and secure the relevant anti-money laundering and countering the financing of terrorism regulatory licences.

Cobo CEO Discus Fish said, “In the past, we’d witnessed crypto applications evolve from Bitcoin to DeFi and now NFTs. In due time, I even foresee metaverses will be next to be developed on the blockchain. So, looking ahead, we have the foundational infrastructure in place that will enable us to serve 1,000 institutional investors.”

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