Cobo Wallet raises $40 million in Series B led by DST Global and other investors

The Singapore-based custodian of digital assets Cobo Wallet closed a $40 million Series B round. It was led by DST Global, A&T Capital and IMO Ventures.

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1/ Cobo, Asia Pacific’s Largest Crypto Custody and Custody Platform Closed US$40 Million in Series B fundraising for its New DaaS (DeFi as a Service) Offering, Providing a One-Stop Solution for Secure, Fast and Compliant Access to DeFi for Global Institutions. pic.twitter.com/aizEIYujRC

— Cobo Wallet (@Cobo_Wallet) September 23, 2021

The proceeds will be used to launch and develop an institutional-focused DeFi-as-a-Service (DaaS) platform [DeFi as a Service].

The company positions itself as a universal solution for secure, fast, and regulatorily compliant access to decentralized finance for global institutions through a user-friendly interface.

Cobo Wallet intends to obtain licenses in various jurisdictions to meet AML/CFT requirements.

“Crypto apps have evolved from Bitcoin to DeFi, and now to NFT. The next step will be the development of metaverses. With the infrastructure we’ve built, we expect to grow the client base to 1,000 institutional investors”, — commented by The Block co-founder and CEO of Cobo Wallet Mao Shixin.

In an interview with Bloomberg he forecast that the firm’s revenue would double to $200 million by the end of 2022. Last year, Cobo Wallet reached profitability.

According to the company, in four years of operation its client base has grown to 300 institutional clients.

Among them are second-tier Bitcoin exchanges in the Asia-Pacific region, including Deribit, with a total daily trading volume of $20 billion. Also among the clients are traditional investment firms, funds and mining pools (for example F2Pool).

Prime Trust, a US-based crypto custodian and fintech infrastructure provider, raised $64 million in a Series A round.

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