Chinese Startup Raises $13 Million to Take Its Crypto Wallet Global
Cobo, a startup based out of Beijing that develops cryptocurrency storage products, has closed a $13 million Series A financing round led by DHVC and Wu Capital.
According to the announcement, the funds will go towards bringing the Cobo Wallet, a multi-asset cryptocurrency software wallet that allows proof-of-stake (PoS) mining, to the global market while also developing its new Vault storage device, an ultra-secure cryptocurrency hardware wallet.
“Cobo’s unique approach redefines the concept of crypto asset management and creates new opportunities for investors. The team leverages their extensive blockchain experience to help safeguard users’ assets while also generating returns for their benefit. We believe Cobo will lead an entirely new user experience for PoS coin holders,” said Judy Yan, Managing Director of DHVC.
The Cobo Wallet currently leverages multiple layers of security, including two-factor authentication, hot-cold servers and HSM encryption. according to the announcement. Uniquely, users can access a decentralized application (dApp) store directly through the app.
There are already 500,000 users using the Cobo Wallet, which supports over 30 major cryptocurrencies and 500 tokens. Additionally, it offers staking support or financial incentives for holding coins like Dash (DASH), Zcoin (XZC), TRON (TRX), VeChain (VET), Decred (DCR), Ontology (ONT), and LBTC.
As for the Cobo Vault, it is currently accepting pre-sales and is now live on Indiegogo.
Disclaimer: This article’s author has cryptocurrency holdings that can be tracked here. This article is for informational purposes only and should not be taken as investment advice. Always conduct your own due diligence before making investments.