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With DeFi Still Focused, Cobo Raises $ 40 Million in Series B Funding

Cobo, a popular crypto asset management platform, has raised $ 40 million in Series B funds. The proceeds will reportedly be used primarily for the development of DeFi as a Service (DFaaS). They will also be used to strengthen the existing digital infrastructure around wallets, trading and betting.

The aforementioned news comes three years after a $ 13 million Series A. round in October 2018, one that aimed to expand operations internationally. The private company is incorporated in Beijing and has offices in Singapore, Hong Kong and Seattle.

Therefore, the latest round of financing will also help the company obtain national regulatory licenses to combat money laundering (AML) and counter terrorist financing (CFT) compliance.

The previous round was led by China-based DHVC and Wu Capital, which was rolled out to DST Global, A&T Capital, and IMO Ventures this year.

In a statement, CEO and co-founder Discus Fish welcomed the funding and said,

“With interest in the cryptocurrency revolution across Asia, it is time to expand blockchain infrastructures to meet growing demand, especially as we are seeing growing enthusiasm among institutions.”

In fact, there has been an increase in DeFi adoption by institutional investors. A recent survey by Chainalysis also noted that large transactions by institutional players accounted for more than 60% of all DeFi transactions in the second quarter of 2021.

While Curve, Uniswap, and AAVE are different DeFi platforms, Cobo’s DeFi as a Service (DFaaS) will target different risk portfolios of institutional clients. The CEO also emphasized that fund management would require professional managers to manage protocol interactions. While low-risk transfers can be automated, large, high-risk fund movements will require confirmations from multiple firms at various levels, he said. additional.

Due to the tremendous growth of DeFi, other prominent players are also entering the domain. According to Cardano founder Charles Hoskinson, for example, new DeFi projects with small development teams are now valued at billions of dollars.

Vesper crypto investor and co-founder Matthew Roszak recently estimated that the DeFi sector will reach $ 800 billion in 2022. He said,

“Right now we are sitting on a DeFi market cap of around $ 80 billion. My feeling is that within a year it will add a zero. “

To focus on the DeFi space, Cobo had Announced that the company has divested its hard wallet service to focus on institutional custody services. By doing so, the company aims to more than double its revenue to $ 200 million by 2022.

However, Cobo is not alone in focusing on DeFi funds. Earlier last month Bit by Bit Asset Management also announced two DeFi Crypto Index Funds to offer investment funds Uniswap and Aave to professional investors.

This is a machine translation of our English version.

Tammy Sewell is our Writer and Social at OICanadian.com. Tammy loves sports, she writes our celebrities news. She spends time browsing through several celebs news sources as well the Instagram. Email: Tammy@oicanadian.com Phone: +1 513-209-1700

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